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SOFTGST FOR BANKS

CHALLENGES

BFSI sector is one of the largest services sectors in India. Banks had hoped that implementation of GST (Goods & Services Tax) will be under centralized registration. Butnow, Banks are required to register in each state and hence the challenge for banks under GST is to:

  • Register in each state where it has branches
  • GST Compliances State wise

APPROACH TO GST BY BANKS:-

Under GST, there are two types of Sales invoices for GSTR1:-

  • B2B (Business to Business):- B2B are the business to business invoices to be generated by the banks for the Service Charges it applies to its business Customers(i.e. those registered with GST) Example: - GST on DD Commission, GST On Locker Charges applied to business customers.
  • B2C (Business to Consumer):- GST B2C is for the GST that Banks charges on the service charges to its individual customers i.e. GST Non-Registered customers.

SOFTGST FOR BANKS:-

  • At present, Banks does not Create the Sales Invoices forvarious service charges it applies to its customer accounts. Such service charges transaction can be extracted in the prescribed xls format from its CBS and upload it into SoftGST Application.
  • SoftGST Application validates & Segregatesthe data for (B2B, B2C)invoice generation.
  • SoftGST Application generates the Service Charges invoices from the Service Charges Transaction.
  • SoftGST process invoices for preparation of GSTR1, Purchase Register reconciliation with GSTR2A, Preparation of GSTR3 on the basis of GSTR-1 and 2, etc.

PROPOSED BANKS TO GSTN DATA FLOW:-

GSPINDIA GATEWAY

The return which has been created on the ASP Application, it will be submitted to GSTN Server with the Help of GSPINDIA GSP GATEWAY (as a gateway for pass-through access) as Trust Systems & Software (I) Pvt. Ltd., which is Authorized GSP appointed by GSTN.