Banks Getting GST Ready
FINANCE Minister Arun Jaitley yesterday, in reply to a question in the Rajya Sabha said,
The Public and Private Sector Banks are readying themselves to handle collection of taxes under GST regime and remitting it to Government Account with Reserve Bank of India. For this purpose, they are developing and making necessary changes in their Information Technology systems for integration with Reserve Bank of India and Goods & Services Tax Portal of Goods & Services Tax Network (GSTN).
Detailed protocols, for integration of the Banks' Information Technology Systems with RBI and GST portal of Goods & Services Tax Network, have been prepared and finalized by the Reserve Bank of India and Goods & Services Tax Network respectively in consultation with Government of India.