Goods and Services Tax Network (GSTN) has issued an advisory for tax payers under “News and Updates Section” on the GSTN Portal to prescribe that the online processing of refund applications and single authority disbursement of refund has been implemented.
Key Points of the advisory are:
- Refund applications filed by the taxpayers in Form RFD-01 shall be processed electronically/online by the tax-officer and all communications between the tax officers and the taxpayers shall take place electronically.
- Refund amount shall be disbursed by accredited bank of Central Board of Indirect Taxes and Customs (CBIC) through the Public Financial Management System (PFMS) after bank account validation.
- Form RFD-01A has been disabled on the portal. However, the taxpayer shall be able to view the status of Form RFD-01A applications also along with the new ones.
- The bank account details mentioned in the refund application shall be validated by PFMS after filing of Form RFD-01. The taxpayers must ensure that the bank account details selected in the refund application are valid and correct.
The taxpayer will need to change/edit the bank account details (through non-core amendment in registration in Form REG-14) if there is failure of bank account validation by PFMS. After performing this step, the taxpayer needs to enter the updated bank account by clicking on ‘Update Bank Account’ functionality provided with the ARN of the refund application.
For further details, please refer the attached document.
Source: Goods and Services Tax Network (GSTN)
