Through the GST regime, the validation of the bank account stands integrated according to the latest GST network (GSTN) advisory on 24th April 2023. The same procedure would make provides the assurance of the correctness of the bank account details of all types of GST assessee.
The taxpayer would be given directions by the advisory to verify their bank account validation status on the portal. For that, they should proceed to the FO portal, and on the dashboard, they should tap on My Profile and choose the bank account status tab.
The GST registered email address and mobile number can be cross-checked by the taxpayers in order to learn the status post validation that had been performed for confirming the status. The bank account validation status could be one of four types.
The same could be a success, failure, success with a remark, or pending validation. On checking the status of the bank account validation the icons specified below would appear. One could watch the information by hovering the mouse over such icons in the dashboard of the assessees in the FO portal.
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In which the status would be a success no additional action would need. It directed that the bank account enrolled with the GST system would be validated and corrected successfully.
But in which the status would be the failure, the same could be due to the exceeding than one reason. The status would be a failure in the case of a wrong PAN or PAN unavailable in the bank or declared invalid IFSC.
A further reason for the failure to validate the bank account with the GST system would be that the PAN enrolled within the GSTIN varies from or did not match the Permanent Account Number card tagged for the bank account.
Finish the KYC for the case of failure with the bank and again attempt the validation of the bank account by ensuring the accurate bank account information is mentioned.
The status would be a success with the remark it rendered that the bank does not integrate with the National Payments Corporation of India (NPCI) towards the online validation. The assessees could rectify the same by furnishing another bank account number with the GST system to permit the revalidation for quicker online processing.
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Let’s take that one gets pending for the validation status. The same directed that the individual should wait for the account to get validated via NPCI. For awaiting the validation there are no time restrictions.
The assessee enables to add or delete the information of the bank account and validate the same at any time.
