Important GST update related to GST refund application

GST refund related update:

IFSC of 8 bank are changed due to merger. Taxpayers may update their Bank Account details through non-core Amendments and update refund application, in case failed due to validation error sent by PFMS.

As the amount of GST refund comes in bank it is important to update these details. Refund is generally claimed by taxpayers exporting goods or services and taxpayers covered under inverted duty structure.

Details of banks which merged are as under:

On April 1, 2019, Dena Bank and Vijaya Bank were merged with Bank of Baroda.

On April 1, 2020 merger of Oriental Bank of Commerce (OBC) and United Bank of India with PNB was completed.

Syndicate Bank merged with Canara Bank.

Andhra Bank and Corporation Bank merged with Union Bank of India.

Allahabad Bank merged with Indian Bank.