The Goods and Services Tax Network (GSTN) has issued an advisory regarding a new functionality for Bank Account Verification on the official GST portal.
Let’s understand the advisory of GST Portal enables new feature of Bank Account Verification.
Integration of Bank Account verification Feature with GST System
According to the advisory, the new bank account verification feature has been integrated with the GST System to ensure accuracy of the bank accounts provided by taxpayers.
Accessing Bank Account verification Status on GST Portal
Taxpayers can now access their bank account verification status by visiting the Bank Account Status tab located under the Dashboard -> My Profile section of the FO portal.
Notification of Bank Account verification Status on Registered Email and Mobile Number
Taxpayers will receive immediate notification of their bank account status on their registered email and mobile number once the verification process for their declared bank account is completed.
Bank Account Verification Status Types
Post-Verification or Validation, any bank account number in the database would have one status out of the below-mentioned status types.
- Success with Remark
- Pending for Validation
Failure Status and Reasons for Failure in Bank Account Validation
Whenever the Taxpayer is shown a ‘Failure’ status, this might be the possible reason:
- The entered PAN number is invalid.
- PAN is not available in the concerned bank account.
- PAN registered under GSTIN and the PAN maintained in the Bank Account are not the same.
- The IFSC code entered for the bank account details is invalid
In these cases, the Taxpayer is expected to ensure that they have entered the correct bank details and that the KYC process is completed by the bank for their bank account.
Success with Remark Status under Bank Account Verification
In case the Tax Payer is presented with a ‘Success With Remark’ icon displaying the message “The account cannot be validated because the bank is not integrated with NPCI for online bank account validation,” they should provide an alternative bank account number for revalidation to ensure the timely completion of further online processes.
Pending for Validation Status
If the account status is displayed as “Pending for Validation,” the Taxpayer should wait for NPCI to validate the account.
At any time, the Taxpayer can add or delete their bank account details, and new account information will be subjected to validation.
For more information or to get your queries resolved, it’s best that you talk to our GST Experts.
Strict Deadline issued for Timely Reporting of GST e-Invoices
Moreover, If you want any other guidance relating to GST Registration online, please feel free to talk to our business advisors at 8881-069-069.
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