If you are curious to know how to track PFMS GST refund status, then you have come to the right place.
As soon as the registered individual files the GST refund application, the application must go through the following phases before the refund amount is disbursed:
Phase 1: The GST Portal can be used to determine the exact stage at which the officer’s or taxpayer’s refund application is being processed.
Phase 2: The bank account validation through the Public Financial Management System (PFMS).
After the Public Financial Management System (PFMS) has verified the bank account indicated in the refund application (RFD-01), the tax officer can issue a payment order.
In addition to that, the tax officer’s approved return amount won’t be paid out in full until PFMS has verified the bank account specified in the payment order (RFD-05).
As a result, the bank account is verified twice. First, the taxpayer file a refund application in Form GST RFD-01, and second, after issuing a payment order in Form GST RFD-05 through the tax officer.
This article will guide you through all the insights related to PFMS.
Let’s dive into the topic.
What is PFMS status?
PMFS is known as the Public Financial Management System. The Controller General of Accounts (CGA) developed and implemented this web-based online software application.
PFMS started in 2009. The primary objective is to track funds released under all plan schemes of the Government of India and provide real-time reporting of expenditure at all levels of Program implementation.
Since PFMS functions as the backbone of the Indian government’s payment system and is integrated with the country’s Core Banking system, it has the unique capacity to confirm the account before sending online payments to practically every beneficiary or vendor.
Thereafter, the scope was enlarged to cover direct payments to beneficiaries under all schemes. The outputs/deliverables for the various modes/functions of PFMS include (but are not limited to):
- Payment & Exchequer Control
- Accounting of Receipts (Tax & Non-Tax)
- Compilation of Accounts and Preparation of Fiscal Reports
- Integration with Financial Management Systems of States
Today, the primary goal of PFMS is to help the Government of India implement a strong public financial management system, developing a network for payments and cost accounting and an effective fund flow system.
As part of the government of India’s Digital India effort, PFMS offers a real-time, trustworthy, and useful management information system as well as an efficient decision support system to diverse stakeholders.
How can I check my PFMS payment status?
In order to track the bank account validation on the PFMS portal, the registered taxpayer must follow the steps below:
Step 1: Visit the Official PFMS portal.
Step 2: Here select the option GSTN Tracker.
Step 3: Under the GST Registered option, input your GSTIN number or account number and enter the Captcha Code.
Step 4: Now click on View Report to see the validation status.
However, the taxpayer must these steps to track the bank account validation after the issuance of the refund order in Form GST RFD-05.
Step 1: Go to the official PFMS portal.
Step 2: Click on the GSTN Tracker.
Step 3: Here, first select the “GST Successfully Processed“ option.
Step 4: Enter your GSTIN number or account number. Next, input the GST RFD 05 number (Note: it is optional to enter GST RFD 05).
Step 5: Type the captcha code you see in the image and click on “View Report.”
Note: If you are not able to find your record under ‘GST Successfully Processed’ this means the validation failed.
Now you can select the second option, “GST Under Process,” and enter your GSTIN or account number. After that, tap on the “View Report” button. Here you can see the error descriptions for validation failures.
Which banks are linked to PFMS?
Here is the list of banks linked to PFMS:
|SL No.||Bank Name|
|3||ALLAHABAD UP GRAMIN BANK|
|4||ANDHRA PRAGATHI GRAMEENA BANK|
|5||ABU DHABI COMMERCIAL BANK|
|7||BANK OF BAHRAIN AND KUWAIT|
|8||BANK OF BARODA|
|9||BANK OF INDIA|
|10||BANK OF MAHARASHTRA|
|11||BASSEIN CATHOLIC CO-OP.BANK LTD.|
|12||BOMBAY MERCANTILE CO-OP.BANK LTD.|
|13||CENTRAL BANK OF INDIA|
|16||CITY UNION BANK LTD|
|18||CSB BANK LIMITED|
|19||DCB BANK LIMITED|
|22||DHANLAXMI BANK LTD|
|23||HARYANA GRAMIN BANK|
|24||HDFC BANK LTD|
|26||ICICI BANK LTD|
|27||IDBI BANK LTD|
|29||INDIAN OVERSEAS BANK|
|30||INDUSIND BANK LIMITED|
|31||JHARKHAND GRAMIN BANK|
|33||KARUR VYSYA BANK|
|34||KOTAK MAHINDRA BANK|
|35||MADHYA BIHAR GRAMIN BANK|
|36||MAHARASHTRA GRAMIN BANK|
|37||MANIPUR STATE CO-OP.BANK LTD.|
|38||NEW INDIA CO-OPERATIVE BANK LTD|
|39||NKGSB CO-OP BANK LTD|
|40||ORIENTAL BANK OF COMMERCE|
|41||PUNJAB AND SIND BANK|
|42||PUNJAB NATIONAL BANK|
|44||SARVA U.P. GRAMIN BANK|
|45||SHRI MAHILA SEWA SAHAKARI BANK LTD.,AHMEDABAD|
|46||SOUTH INDIAN BANK|
|47||STANDARD CHARTERED BANK|
|48||STATE BANK OF INDIA|
|49||SVC CO-OPERATIVE BANK LTD.|
|51||TAMILNAD MERCANTILE BANK LTD|
|52||THE COSMOS CO-OPERATIVE BANK LTD.|
|53||THE FEDERAL BANK LTD|
|54||THE JAMMU AND KASHMIR BANK LTD|
|55||THE KALUPUR COMMERCIAL CO. OP. BANK LTD.|
|56||THE LAKSHMI VILAS BANK LTD|
|57||THE SARASWAT CO-OPERATIVE BANK LTD|
|58||THE THANE JANATA SAHAKARI BANK LTD|
|60||UNION BANK OF INDIA|
|61||UNITED BANK OF INDIA|
|63||YES BANK LTD|
What is the benefit of PFMS?
PFMS is a transaction-based system used to offer real-time utilization of funds released from the Indian Consolidated Fund. The PFMS has been developed in such a way that it can satisfy all end-to-end accounting and fund management requirements.
The PFMS will automatically include all transactions initiated for Aadhaar-based payments as part of fund utilization. The integration of PFMS with an accounting package is currently being worked on to meet the accounting requirements of various departments and implementing agencies.
The Utilization Certification (UC) Module is a component of PFMS that will be used to track and monitor UCs from implementing agencies.
FAQs: How to track PFMS GST refund status
1. What is PFMS under GST?
PFMS is a Public Financial Management System for schemes of the Indian government, which can be used for state schemes. It is necessary to undergo bank account validation to obtain a GST refund.
A registered taxpayer needs to track the bank account validation post-filing the GST refund application via the PFMS portal.
2. Is PFMS Government or private?
PFMS, or the Public Finance Management System, is a government-based online application that is implemented by the Controller General of Accounts (CGA), the Department of Expenditure, Ministry of Finance, Government of India.
3. How do I contact PFMS?
You can contact PFMS at this Toll-Free number: 1800118111. Alternatively, they can resolve their queries by sending a mail to email@example.com
4. Is PFMS safe?
Yes, the Public Finance Management System (PFMS) has been identified as the Government of India’s trustworthy, safe, and secure payment platform.
We hope we have cleared all your queries on how to track the PFMS GST refund status. If you are facing any other issues in tracking the refund status, please comment below. To know more about GST-related topics, visit our website, InstaFiling. We are always happy to help you.