Finance Minister recalls the GST Network and has firmly said that banks are under process to link their systems to the GSTN for the upcoming regime. Arun Jaitley said that “Detailed protocols for integration of the banks’ IT system with RBI and GST portal of Goods and Services Tax Network have been prepared and finalized by RBI and the Goods and Services Tax Network (GSTN), respectively, in consultation with the Government of India.”
“The public and private sector banks are readying themselves to handle collection of taxes under the GST regime and remitting it to the government account with RBI, The banks are developing and making necessary changes in their information technology system for integration with RBI and GSTN portal.” he added
This new system will allow the common man upheld with the online transactional way of business, while everyone can pay taxes online using debit or credit cards or any electronic, mode of payment, including NEFT, RTGS. The provisional identification number called GSTIN for the known excise and sales tax assessees is being provided at portal www.gst.gov.in. Registrations for the new assessees will also be started from April 2017 when Goods and Sevices Tax is implemented in the nations economy.