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Advisory on Bank Account Validation on your GST Portal

Validate your Bank, or your GSTR-1 will get STOPPED – Advisory

GST dept notification alert

Your GSTR1 returns, will get blocked…if your current Bank account is not validated on GST portal.

Alert your accounts Department

And note… if your GSTR-1 is blocked… your customers will not get the GST ITC credit… and …. if they come to know of this… they “might” block your payments…..

Alert your accounts.

Regards,
Finsys MLG team

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

Excerpts in a user friendly language

Advisory on Bank Account Validation

Dear Valued Tax Payers,

1. GSTN is pleased to inform you that the functionality for bank account validation is now integrated with the GST System. This feature is introduced to ensure that the bank accounts provided by the Tax Payer is correct.

Interpretation / Notes:

….. Govt was facing problems…. Over years…. Citibank closed down, Syndicate Bank got merged…. various other banks merged…. some cooperative banks closed down.

People also shift from bank 1 to bank 2 , due to credit limits or rate of interest

Government was facing problem…. how to send refund and how to take recovery … and infact how to validate that the GSTIN person is genuine or not…. Bank account validation helps in that also

How to solve  ?

2. The bank account validation status can be seen under the Dashboard→My Profile→ Bank Account Status tab in the FO portal. Tax Payers will also receive the bank account status detail on registered email and mobile number immediately after the
validation is performed for his declared bank account.

3. Post validation, any bank account number in the database would have one status out of the below mentioned four status types. The exact details of the accounts can be seen by hovering mouse over these icons in the Tax Payers’ dashboard in FO Portal.

Icon Description
Success
Failure
Success With Alert Remark
Pending for Validation

4. Whenever, the Tax Payer is shown ‘Failure’ icon with further details such as
– 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 these cases, the Tax Payer is expected to ensure that he has entered correct bank
details and the KYC is completed by bank for his bank account.

5. Whenever, the Tax Payer is shown, the status of his bank account as ‘Success With Remark’ icon with details “The account cannot be validated since the bank is not integrated with NPCI for online bank account validation”, the Tax Payer should provide alternate bank account number so that it can be revalidated to expedite further online processes.

6. If the account status is shown as “Pending for Validation” then please wait since the account will be validated by NPCI.

7. The Tax Payer at any time can add/delete the bank account details and new account details will be validated.

Thank you for your cooperation.
Team GSTN

Additional Notes

The Finsys – Webtel integrated System will also not be able to push the GSTR-1 data from Finsys to the Government Portal.  Since the Portal will stop as a barrier due to Bank account non compliance.

Hence, please take early action on this immediately

How much time does it take ?

It takes just 30 to 50 seconds, or let us say less than 1 minute

so, do it now

Hence, please take early action on this immediately

Link 1 :  GST Dept published August 2024 : https://tutorial.gst.gov.in/downloads/news/advisory_on_bank_account_validation_17april2023.pdf

link 2 : GST Dept portal published 2022 :https://tutorial.gst.gov.in/downloads/news/new_functionalities_compilation_may_2022.pdf

Bank Account validation GSTR1 stop alert …

Note.. your customers are going to be affected too…. if you dont solve this now.

Do this for all your smaller companies also

do this for all your less used small turnover / non moving State GSTIN also

Welcome back to the new Edition of India Corr Expo 2024

Jointly with ICCMA 2024, India Corr Exp o 2024. … at Mumbai,2024,

Finsys agrees, that IndiaCorr Expo is a platform to grow your business 10x by building the right network, sourcing top-notch technologies, and by learning the latest corrugated packaging and folding carton industry trends. Network with reliable industry players including suppliers, associations, and allied bodies enabling you to reimagine your existing corrugated packaging, box making, and folding carton business. Source the best of machinery, ancillary equipment, raw materials and attend concurrent ICCMA Congress, organized by the Indian Corrugated Case Manufacturers Association (ICCMA)

25-26-27 September 2024

Bombay Exhibition Centre, Goregoan, Mumbai

Exhibit

IndiaCorr Expo is the most influential and the only dedicated large scale business-to-business event catering to the rapidly growing corrugated packaging and carton box making industry.

Are you ready to be part of it?

link = https://www.indiacorrexpo.com/

Visit

 Meet the ‘who’s who’ of the corrugation industry as we host exhibitors and guests from across regions. There’s every reason this year to be a part of the fair and benefit from all it has to offer.

Be a part of this.

ICE 2024

Network with leading corrugators and gather in-depth market insights at ICCMA Congress focusing on the theme “The Changing Landscape – Adapting to the New Normal”

Know more.

Some vivid memories from the last Expo at Mumbai … it was 2022.

Ideas and suggestions from Mr Prakash Nahata, Founder and Director of Yash Packers, Mumbai, Plant Vapi-Valsad. How the ERP technology brings things to his fingertips.

How ageing of reels is Real information. How FG stock is actually LIVE. How mobile Apps help him. How Barcodes help him.

Listen to his ideas, direct dil se. Thank you Prakash Sir.

We are a TEAM.

Meerut based Meerut Packaging Industries is one of the large Corrugation Plants in the Country today.

Mr Mahavir Aggarwal ji, Co-Founder and Joint Director of MPI shared during that 2022 exhibition, how using Alerts, Pop-ups, using the Reports and Extracts from the Finsys ERP… he is able to run his company with higher profits. Better Results. …..

so, Listen to his views at the India Corr Expo 2022

India Corr Expo 2022 Mumbai Finsys Meets the Industry Leaders

India Corr Expo 2022 Mumbai Finsys Meets the Industry Leaders – Day One

Finsys loves to be a part of the India Corr EXPO .. It is a part of our DNA … we have participated in every edition since 2013

India Corr Expo 2024 Finsys ERP at Bombay Exhibition Centre Mumbai

Finsys ERP Software,Corrugation ERP,Duplex Folded Cartons ERP,ERP Software for MSME,ERP Software Packaging

link to India Corr Expo 2023 pages

GST Rate Change for Corrugated Box, Mono Cartons from 18% to 12%

Notification No. 02/2024-Central Tax (Rate)   Released to Public on 12-7-2024 …

Effective from 15th -July-2024

GST on most of the Cartons ( Both Corrugated boxes, and Mono Cartons ) Changed to 12%

GST Rate change is applicable from today – 15th-July-2024

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUBSECTION

(i)]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(Department of Revenue)

Notification No. 02/2024-Central Tax (Rate)

New Delhi, the 12th July, 2024

G.S.R. ……(E).- In exercise of the powers conferred by sub-section (1) of section 9 and sub-section (5) of section 15 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), No. 1/2017-Central Tax (Rate), dated the 28th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 673(E), dated the 28th June, 2017, namely:-

In the said notification, –

(c)        in Schedule II – 6%, –

            (iii)      for S. No. 153A and the entries relating thereto, the following S. No. and the entries shall be substituted, namely: –

Focus of Government was on the Fruit growers, since their output is GST free,… and input was having 18% GST …..

Anyway.. it effects us all – Either as Buyers or as Sellers

For the Manufacturers of Corrugated Boxes and Mono Cartons, the Cash Flow problem gets reduced a bit

Action required for Web Finsys users… see this powerpoint on this Google link below

Action required for Main VB Finsys users… see this powerpoint on this Google link below

Notification Copy / Circular Copy official from CBIC / GST Dept

An Old video we made in 2021… for Change the GST Rate on your Sale Invoices in your ERP Software from 12 to 18

However, unlike in 2021 change… all Other items continue at existing rates and remain in 18% example :

 following items connected with the Printing and Packaging Industry

and also change in case of Debit Notes or Credit Notes you make for past Price Increases or Decreases

Purchase Side

for all manufacturers…if you buy any of the above mentioned items, you also have to be aware of this, and Purchase Orders, MRR, and Purchase Voucher passing will change accordingly

Click the button below to download the original notification by the Government.

Once again, Remember to Change the GST Rate on both sides,

if you sell Corrugated boxes and Mono cartons, or you purchase the Corrugated Boxes and Mono Cartons

“Do it yourself” 1 step manual in the youtube above

Effects on you, on your ERP, on your Sales, and on your Purchase… due to the Change in the GST rates for Corrugation and Mono Cartons

Do you know what changes you have to do in Finsys ERP for the Correct action on the GST Rate change in Mono Cartons and Corrugated Boxes ?

How to do the Accounting of Advance and Retention money ?

Good control on Purchase, Sales, Stores, Site Stores, Accounts and Taxation

Finsys ERP is serving EPC companies in areas like (a) Engineering Construction , example Contractors of Water Pipelines for Thermal Power Plants (b) Contractors of Solar Power Plant EPC (c) Contractors of Steel Rolling Mill Machinery Manufacture and its all EPC activities.

Accounting concept in Project Business

Accounting Manual

Formatted File – Download from link below

*Finsys project business accounting

Accounts to open

Now, adjustment of Retention money – Part 1

Now, adjustment of Retention money – Part 2

Voucher for TDS  income tax and TDS GST

Our Customers feel that Finsys ERP Software for project, inventory, sales, accounting and management is an extremely cost-effective construction (infrastructure) industry software solution that addresses all the financial accounting, departmental, tax compliance,  marketing, after sales, supplier, inventory and operational requirements of companies within this industry sector.

It is modular, flexible and powerful and its built-in scalability means that as your construction business needs increase, it will grow with you.

From goods-in to dispatch, .. Finsys ERP software promotes efficient inventory management and timely delivery. Large product catalogues are easily maintained and the system will automatically generate inter-site transfers, back-to-back orders and drop ship delivery instructions for non-stock items

User-friendliness, fast accessibility of data, intuitive ergonomics and transparent menu-structures are some of the most distinctive attributes of Finsys ERP.

Finsys ERP is useful for Engineering  Construction Industry, and Capital goods and Project Industry,  any type of Infrastructure Industry.

Finsys ERP has developed basic framework of software as customized project and later our system designing team has upgraded in advance Infrastructure ERP.

Our Management Information “Dashboards” provide the answers. Easily mastered, our software will give fresh insights into key performance measures for your business.

Note : Finsys does not plan to do the Microsoft Projects or ZOHO projects line of software, they are separate and remain separate

This page was to help you with Accounting  entries in the Projects Finsys Retention Money Advance set off