The Goods and Services Tax Network ( GSTN ) has issued a new advisory, dated January 19, 2023, introducing additional payment options for those registered under GST.
The advisory noted the inclusion of Credit Card ( CC ), Debit Card ( DC ), and Unified Payments Interface ( UPI ). The new development will indeed facilitate the taxpayers registered under GST with more methods of payment, in addition to net-banking.
The recent development is anticipated to streamline the payment process for GST-registered taxpayers, offering them flexibility and choice in managing their financial transactions. The Cards facility includes Credit Card ( CC ) and Debit Card ( DC ) namely Mastercard, Visa, RuPay, and Diners ( CC only ) issued by any Indian bank.
Payment through CC/DC/UPI can be made through Kotak Mahindra Bank irrespective of CC/DC issued by any Indian bank and the integration process of other banks is under process. At present the new facility is available in 10 states.
FCA, CWM (AAFM-US), CBV, CIFRS, R-ID, B.COM (H), RV* (IBBI)
Practising Chartered Accountant in Delhi NCR Since 2011. He can be contacted at ankitgulgulia@gmail.com or +91-9811653975.