GST Advisory on Bank Account Validation

The GSTIN has come up with new advisory on Bank Validation Process. Now Bank validation is integrated with GSTN Portal. This process is introduced to ensure that the Bank details provided by the Tax Payer is valid.

The Bank validation status is now available in the GST portal under the:

Dashboard - My Profile- Bank A/C Status

The Tax payer will receive the confirmation status on his registered mobile and email after the validation is processed from the Bank.

After the validation process is completed, the database will show one status as mentioned below:

1.    Success       
2.    Failure       
3.    Success with Remark    
4.    Pending for Validation
  

A. If the status of validation is Failure ,then, the following reason will be displayed on the GST Portal:
-The entered PAN number is invalid. 

- PAN not available in the concerned bank account. 

- PAN Registered under GSTIN, and the PAN maintained in the Bank Account are not same. - IFSC code entered for the bank account details is invalid.

In the above cases, the tax payers are required to ensure that the correct Bank details are entered and KYC is Completed.

B. If the status of validation is Success with Remark icon with details “The account cannot be validated since the bank is not integrated with NPCI for online bank account validation”, in this case, the Tax Payer has to submit another Bank Account details for revalidation and further online process.

C. If the status of validation is Pending for Validation , then, the tax payer has to wait until the NPCI validation.

The tax payer can change or delete the Bank account details at any point of time and can revalidate the New Bank Account Details.

For Further Information, visit the below Link:

https://tutorial.gst.gov.in/downloads/news/advisory_on_bank_account_validation_17april2023.pdf

Disclaimer: The news articles/knowledge updates related to law, business and finance published by us are intended to provide general information and basic understanding only and are not substitute for any professional or legal advice. By accessing and using the news articles/knowledge updates on our website, you acknowledge and agree to the terms of this disclaimer. We reserve the right to modify or update this disclaimer at any time without prior notice.