GST Payments
At Unity Small Finance Bank, we are committed to making your tax payment process smooth and hassle-free.
About GST – Goods and Services Tax
Goods and Services Tax (GST) is a streamlined tax system that replaced multiple indirect taxes like VAT, service tax, and excise duty in India. For businesses, this means a unified tax process, which reduces the complexity of managing different tax requirements and brings transparency to tax payments. Whether you're a small business owner or managing a large enterprise, GST has simplified the way taxes are handled across the country.
Key Benefits of GST for Businesses
Simplified Compliance :
GST unifies various taxes, reducing the paperwork and compliance burden for businesses.
Input Tax Credit (ITC) :
Businesses can claim credits for taxes paid on purchases, reducing overall tax liability and avoiding the cascading effect of taxes.
Transparency and Consistency :
The GST framework provides clear guidelines and a uniform tax structure across India, making it easier to manage tax obligations.
Support for SMEs :
Through the Composition Scheme, small businesses can benefit from reduced tax rates and simplified compliance requirements, which helps them focus on growth rather than paperwork.
Offline GST Payment Through Unity Small Finance Bank
Unity Small Finance Bank offers a simplified process for offline GST payments through NEFT/RTGS. Creating a GST challan is the first step towards the GST payment in the offline mode. Here's how you can do it:
Access the GST Portal :
- Visit the official GST Portal.
- Log in using your valid credentials.
Navigate to the Challan Creation Page :
- Go to Services > Payments > Create Challan.
Enter Required Details :
- In the GSTIN/Other Id field, input your GSTIN or other relevant ID.
- Complete the captcha verification and click Proceed.
Fill in the Payment Details :
- Enter the amount under the appropriate tax heads (CGST, SGST, IGST, etc.).
- Choose NEFT/RTGS as your payment mode and select Unity Small Finance Bank as the remitting bank.
Generate the Challan :
- Review the details and click Generate Challan.
- Download the challan for your records.
Once you have generated the challan, the next steps are:
Visit Your Nearest Unity Bank Branch :
- Take the generated CPIN and visit your nearest Unity Small Finance Bank branch.
- Initiate the NEFT/RTGS payment using the provided IFSC and CPIN.
Update UTR on GST Portal :
- After making the payment, return to the GST portal to link the UTR number to your challan.
GSTIN Updation
Updating your GSTIN with your bank account is crucial for availing input tax credits on the GST you pay. If your GSTIN isn't correctly updated, you might face issues in claiming these credits, which can affect your cash flow and tax compliance. By ensuring your GSTIN is up to date with
Unity Small Finance Bank, you avoid these complications and ensure smooth processing of your transactions.
