GSTN has integrated bank account validation functionality with the GST system to ensure correct bank account details are provided by taxpayers. Bank account validation status can be seen under the “Bank Account Status” tab in the FO portal and taxpayers will receive status details on their registered email and mobile number. The status types include “Success”, “Failure”, “Success with Remark” and “Pending for Validation”. Taxpayers are expected to ensure that correct bank details are entered, and KYC is completed by the bank for their account. If the account cannot be validated due to the bank not being integrated with NPCI, taxpayers should provide an alternate bank account number for revalidation. Taxpayers can add/delete bank account details at any time and new account details will be validated.
Source Taxguru
