The Goods and Services Tax Network (GSTN) has issued an advisory on the new functionality for Bank Account Validation on the official GST portal.
In an advisory issued on the platform, the GST portal stated that “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 Payeris correct. The bank account validation status can be seen under the Dashboard→MyProfile→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.”
The process of validation is a check of bank account data (sort code and account number) using algorithmic rules, it determines if an account could exist with those details. Verification however checks against actual bank account details to check factors such as account ownership and whether an account is open.
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