September 2024

Best KYC providers

The 11 Best KYC Service Providers

The demand for seamless and secure Know Your Customer (KYC) processes is at an all-time high as businesses and financial institutions strive to enhance customer onboarding, compliance, and fraud prevention. The evolution of KYC solutions in India has paved the way for advanced technologies like eKYC, digital KYC, and biometric verification, making customer authentication faster, paperless, and more reliable. From Aadhaar-based KYC and PAN card integration to AI-driven facial recognition and e-signature solutions, the environment is quickly transforming.

This blog explores the best KYC solution providers (Softwares/Platforms) in India, highlighting the top KYC providers, innovations like paperless KYC and biometric KYC, and how they are addressing critical needs in KYC compliance, risk management, and fraud prevention. Whether you’re a business looking to streamline your customer verification process or seeking AI-based KYC and ML-powered solutions, this comprehensive overview will provide valuable insights. Here are the top KYC service providers in India:

AuthBridge

AuthBridge is a comprehensive KYC service provider that caters to businesses across various industries by offering efficient, scalable, and tech-driven verification solutions. It stands out for its wide range of eKYC options, use of Aadhaar-based verification, and industry-specific tools that prioritize fraud prevention and regulatory compliance.

Key Features Of AuthBridge’s KYC Solutions:

  • eKYC: AuthBridge provides an electronic KYC (eKYC) process that significantly reduces the time, cost, and effort involved in manual verification. Their eKYC platform integrates Aadhaar-based verification and OTP-based authentication, ensuring quick and accurate customer onboarding.
  • Aadhaar-based Verification: With seamless integration of the Aadhaar database, AuthBridge enables businesses to verify the identity of customers in real-time. This Aadhaar-based KYC process ensures compliance with Indian regulations, especially for financial institutions.
  • Video KYC: In compliance with the RBI guidelines, AuthBridge offers a Video KYC feature that facilitates remote identity verification. This solution is particularly useful for banks, fintech, and NBFCs looking to onboard customers without physical interaction.
  • AML & Fraud Prevention: To help businesses mitigate the risk of fraud, AuthBridge integrates Anti-Money Laundering (AML) checks with KYC processes. Their fraud prevention tools analyze various data points to flag suspicious activities during the customer onboarding process.
  • API Integration: AuthBridge’s KYC solutions are highly scalable due to their easy API integration. This makes it simple for businesses to incorporate KYC verification into existing workflows without major disruptions.
  • Comprehensive KYC Reports: Businesses using AuthBridge have access to in-depth KYC reports, offering clear insights into customer identities. These reports provide valuable data, allowing companies to make informed decisions regarding customer engagement and risk management.
  • Compliance with Regulatory Standards: AuthBridge ensures that its services are aligned with Indian laws, such as the Prevention of Money Laundering Act (PMLA) and RBI guidelines. Their solutions are designed to meet regulatory standards, reducing the compliance burden on businesses.
    CKYC

    Benefits Of Choosing AuthBridge for KYC:

    • Faster Onboarding: With digital KYC processes such as eKYC and Video KYC, businesses can onboard customers within minutes.
    • Cost-Effective: Reducing the dependency on physical documentation lowers operational costs for businesses.
    • Enhanced Fraud Detection: The incorporation of AML checks and fraud detection algorithms reduces the risk of identity theft and money laundering.
    • Wide Industry Application: AuthBridge serves various industries including BFSI, eCommerce, telecom, healthcare, and more.
    • Scalability and Flexibility: The solutions can be customised based on the size and requirements of the business.
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    Use Cases Of AuthBridge KYC Solutions:

    • Banking and Financial Services: Banks and NBFCs use AuthBridge’s KYC services to meet compliance requirements and reduce the onboarding time for new customers.
    • Insurance: Insurance providers leverage eKYC and Aadhaar-based verification to quickly verify policyholders.
    • Telecom: Telecom companies ensure quick customer verification with eKYC to comply with the government-mandated KYC norms.
    • Healthcare: Healthcare companies use KYC solutions for patient verification to prevent fraud in medical services and insurance claims.

    AU10TIX

    AU10TIX offers a global, fully automated identity management solution that handles every aspect of the verification process. With advanced technology designed to combat emerging threats like deepfakes, AU10TIX provides fast and scalable identity verification for both new and existing customers, without any human involvement. Its system processes documents from over 190 countries, including non-Latin characters, and continuously updates them to enrol new document types. Trusted by leading brands since 1982, AU10TIX has a proven track record of protecting businesses, verifying identities, and fighting fraud through its comprehensive identity management solutions.

    Comply Cube

    ComplyCube is a comprehensive platform designed to automate and simplify Identity Verification (IDV), Anti-Money Laundering (AML), and Know Your Customer (KYC) compliance. It provides businesses with versatile AML/KYC tools to quickly verify customers while mitigating fraud risks. Known for its rapid omnichannel integration, ComplyCube offers a range of integration options, including Low/No-Code solutions, APIs, Mobile and Web SDKs, client libraries, and CRM integrations, making it adaptable to various business needs and infrastructures. This flexibility helps businesses enhance their compliance processes efficiently.

    Jumio

    Jumio is an AI-driven platform that allows users to verify their identity remotely, helping protect businesses against fraud and financial crimes. The Jumio KYX Platform provides a comprehensive suite of identity-proofing services, ensuring trust from initial account opening through ongoing transaction monitoring. By utilizing advanced technologies such as AI, biometrics, machine learning, liveness detection, and automation, Jumio enables organizations to combat fraud, onboard legitimate customers quickly, and stay compliant with regulations like KYC, AML, and GDPR. Jumio has verified over 300 million identities from more than 200 countries and territories in real-time web and mobile transactions, making it a trusted solution across industries like financial services, digital currency, retail, travel, and online gaming.

    KYC Hub

    KYC Hub provides an all-in-one digital verification platform designed to streamline KYC compliance with real-time identity verification across 190+ countries and 3,000 document types. The platform integrates AI-powered document authentication, biometric checks, and video KYC to enhance security and fraud detection. Its customizable workflows and seamless integration with APIs and SDKs reduce onboarding times and costs while ensuring compliance with Indian regulatory standards, including RBI and SEBI guidelines. Widely used in banking, fintech, and e-commerce, KYC Hub offers scalable, efficient, and secure solutions for businesses.

    North Row

    NorthRow simplifies onboarding, customer remediation, and regulatory compliance with a fully managed, low-tech service that optimises due diligence. Its configurable, single API solution allows businesses to easily integrate and tailor the platform to their specific requirements, ensuring smooth operations. NorthRow combines AML and KYC tools, providing a unified solution that improves compliance, enhances the customer experience, and supports faster business growth, all while streamlining customer onboarding and monitoring processes.

    Ondato

    Ondato is a comprehensive digital compliance platform that enables businesses to meet the latest KYC (Know Your Customer) and anti-money laundering (AML) regulations seamlessly. With solutions ranging from identity verification to case management, due diligence, and screening, Ondato ensures full regulatory compliance with minimal risk. It’s an essential tool for businesses in the digital space, reducing the chances of fines, maintaining a zero-tolerance approach to fraud, and delivering cost savings of up to 90% on traditional compliance expenditures.

    Onfido

    Onfido simplifies the complex process of digital customer acquisition and identity verification, ensuring seamless compliance with KYC and AML regulations across all regions where your business operates. Onfido helps businesses connect authentically with customers while maintaining regulatory standards. A key highlight is the launch of Onfido’s Real Identity Platform in 2022, aimed at making identity verification more intuitive, efficient, and intelligent. This platform integrates trusted data sources, biometric verifications, and fraud detection signals to provide a comprehensive and reliable identity verification solution.

    Shufti Pro

    Shufti Pro leverages a combination of artificial intelligence and human intelligence to deliver seamless, automated verification solutions. Offering multi-layered protection against digital identity fraud, money laundering, and terrorist financing, Shufti Pro performs verifications in just 30-60 seconds. Its services are available in over 230 countries and support more than 150 languages. Businesses use Shufti Pro for identity verification to meet KYC, AML, and KYB requirements, enhancing the security and efficiency of their customer onboarding processes.

    Sumsub

    Sumsub is a comprehensive verification platform that secures every step of the user journey. Its KYC/AML software offers customizable verification flows, ensuring top pass rates while maintaining strict compliance. With Sumsub’s KYC solution, businesses can streamline their verification process, expand their global reach, reduce costs, and enhance security. The platform supports ID verification, database validation, biometric checks, proof of address, non-document verification, and AML screening. Sumsub boasts industry-leading conversion rates—91.64% in the US, 95.86% in the UK, and 97.89% in Hong Kong—while completing verifications in under 50 seconds on average. Trusted by over 2,000 clients across fintech, crypto, transportation, trading, e-commerce, and gaming industries.

    Veriff

    Veriff uses cutting-edge technology to simplify and enhance KYC processes, incorporating AI to bring greater precision and transparency to onboarding. This allows businesses to swiftly detect fraud and make real-time adjustments. Veriff’s automated, customer-centric approach leads to higher fraud prevention rates and faster customer conversions, benefiting both businesses and consumers. One of its standout features is advanced facial recognition and assisted image capture, which not only secures customer accounts but also boosts account holder conversions by replacing outdated authentication methods and providing a safer environment for users.

    By Abhinandan, ago

    PAN Card Based KYC: Online And Offline Methods

    Introduction

    As the financial landscape in India rapidly embraces digitalisation, the importance of Know Your Customer (KYC) compliance has become more important than ever. KYC regulations, mandated by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI), ensure financial institutions have a clear understanding of their customers’ identities and risk profiles. This helps combat money laundering, terrorist financing, and other financial crimes.

    While various documents contribute to KYC verification, the Permanent Account Number (PAN) card stands out as a benchmark. This blog delves into the critical role of the PAN card in KYC compliance, exploring its functionalities, benefits, and overall process.

    What Is KYC?

    Know Your Customer or KYC refers to a set of regulations requiring financial institutions to verify the identity and address of their customers. This verification process typically involves two key steps:

    1. Customer Identification: Customers provide documents proving their identity (proof of identity – POI), address (proof of address – POA), and date of birth (DOB).
    2. Risk Assessment: Based on the collected information, the financial institution assesses the customer’s risk profile for potential financial crimes.
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    Importance Of KYC Compliance

    KYC compliance offers several benefits to both financial institutions and customers:

    • Prevents Money Laundering and Terrorist Financing: KYC helps deter criminals from using financial platforms for illegal activities.
    • Mitigates Fraud Risk: Verifying customer identities helps identify and prevent fraudulent activities like identity theft and account takeover.
    • Enhances Customer Experience: Efficient KYC processes can streamline account opening and transaction approvals, leading to a smoother customer experience.
    • Promotes Financial Inclusion: Robust KYC processes can create a more secure environment, encouraging broader participation in the financial system.

    Statistics On KYC Compliance In India

    KYC (Know Your Customer) compliance in India has grown significantly, driven by regulations from the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). The rise in digital financial services has also accelerated KYC implementation across banking, fintech, and investment sectors. Here are some key statistics and insights related to KYC compliance in India:

    1. Growth of Digital KYC

    • 2020-2021: The digital KYC verification market saw rapid adoption, particularly during the COVID-19 pandemic. Many banks and financial institutions transitioned to eKYC, driven by the need for contactless services.
    • eKYC Transactions: As per reports, over 2 billion eKYC transactions were recorded between 2020-2021 in India. The adoption rate continues to rise, with increased financial inclusion and digital banking services.
    • Aadhaar-Based eKYC: Aadhaar-based eKYC continues to dominate. As of March 2023, more than 1.4 billion Aadhaar-based eKYC verifications had been conducted.

    2. RBI Mandates and Compliance

    • Mandatory KYC for Banking: The RBI has made KYC compliance mandatory for all banking services in India, including opening accounts, applying for loans, and carrying out large transactions.
    • Penalties for Non-Compliance: Banks and financial institutions are subject to strict penalties if they fail to comply with KYC norms. In 2021, the RBI imposed penalties on 14 banks, including major players like SBI and ICICI Bank, for KYC non-compliance.
    • PMLA Guidelines: KYC is also enforced under the Prevention of Money Laundering Act (PMLA) to combat fraud, money laundering, and terrorism financing.

    3. Financial Inclusion Through KYC

    • Jan Dhan Accounts: The Pradhan Mantri Jan Dhan Yojana (PMJDY), aimed at financial inclusion, has made KYC essential for opening accounts. Over 480 million Jan Dhan accounts were opened by 2023, with many using Aadhaar-based eKYC for quicker access.
    • KYC for Mutual Funds and Investments: SEBI mandates that all mutual fund investors must complete KYC through a KYC Registration Agency (KRA). By 2023, nearly 100% of new mutual fund investments required KYC compliance.

    4. Challenges in KYC Compliance

    • Rural Areas: While digital KYC processes have eased urban compliance, nearly 30-35% of India’s rural population still faces challenges with access to digital infrastructure and documentation, leading to delays in KYC completion.
    • Fraudulent Activities: Despite the robust KYC framework, a 15% rise in financial fraud was reported in sectors like banking and fintech in 2022, indicating the need for continuous improvements in KYC verification methods.

      The PAN Card: Key Details

      The PAN card issued by the Income Tax Department of India serves as a vital document for KYC compliance for several reasons:

      • Universally Recognized Proof of Identity: As a government-issued document, the PAN card is widely accepted as a reliable proof of identity across various sectors in India.
      • Unique Identification Number: Each PAN card holder is assigned a unique 10-digit alphanumeric identifier. This unique identifier allows for easy verification against official records maintained by the Income Tax Department.
      • Nationally Valid Document: Unlike some regional identification documents, the PAN card holds validity across India, making it a suitable option for KYC purposes regardless of the customer’s location.
      • Link to Financial Information: The PAN card is often linked to a customer’s tax information. This linkage can provide financial institutions with additional insights for risk assessment during KYC verification.

      Table 1: Key Features of PAN Card Supporting KYC Compliance

      Feature

      Description

      Benefit for KYC Verification

      Universally Recognized Proof of Identity

      Government-issued document widely accepted for identity verification.

      Ensures reliability and authenticity of customer information.

      Unique Identification Number

      10-digit alphanumeric identifier assigned to each PAN card holder.

      Enables easy verification against official records.

      National Validity

      Valid across India regardless of location.

      Suitable for KYC purposes irrespective of customer’s geographical location.

      Link to Financial Information

      Often linked to a customer’s tax information.

      Provides additional insights for risk assessment.

      Benefits Of Using PAN Card For KYC Verification

      There are several advantages associated with using your PAN card for KYC compliance:

      • Simplified Process: Since the PAN card is widely accepted as a KYC document, the verification process can be faster and more efficient. Many financial institutions have established streamlined processes for KYC verification using PAN cards.
      • Reduced Paperwork: By using your PAN card, you may need to submit fewer additional documents for identity verification. This reduces the burden of document collection for both you and the financial institution.
      • Enhanced Security: The PAN card system incorporates security features to help prevent fraud and misuse. These features include tamper-proof lamination and unique identification numbers, making it difficult to counterfeit or misuse PAN cards.
      • Universal Acceptance: You can utilize your PAN card for KYC compliance across various financial institutions in India, including banks, investment firms, insurance companies, and online payment platforms. This eliminates the need to carry or submit different documents for different institutions.

      Documents Required For KYC Along With PAN Card

      While the PAN card plays a significant role, it’s often used in conjunction with other documents during KYC verification. Here are some commonly requested documents in addition to the PAN card:

      • Proof of Address (POA): Documents like an Aadhaar card, Voter ID card, utility bills (electricity, water, telephone) not older than three months, passport (for foreign citizens), etc., can serve as proof of address.
      • Photograph: A recent passport-sized photograph is usually required for KYC verification.
      • Additional Documents (Depending on the Institution): In some cases, financial institutions may request additional documents such as bank statements, salary slips, investment proofs, or business registration documents (for businesses) for a more comprehensive risk assessment.

      Table 2: Common Documents Required Alongside PAN Card for KYC Verification

      Document Category

      Examples

      Purpose

      Proof of Identity (POI)

      PAN Card, Aadhaar Card, Voter ID Card, Passport (for foreign citizens)

      Verifies the customer’s identity.

      Proof of Address (POA)

      Aadhaar Card, Voter ID Card, Utility Bills (electricity, water, telephone) not older than three months, Passport (for foreign citizens)

      Verifies the customer’s residential address.

      Photograph

      Recent Passport-sized Photograph

      Captures the customer’s likeness for verification purposes.

      Additional Documents (Optional)

      Bank Statements, Salary Slips, Investment Proofs, Business Registration Documents (for businesses)

      Provides further details about the customer’s financial profile and risk assessment.

      PAN Card KYC Offline Process Steps

      The offline process for completing PAN Card KYC is simple and involves submitting physical documents to the relevant authority. Here’s a step-by-step guide:

      1. Download and Fill the KYC Form
        Visit the official website of CDSL Ventures or the financial institution you’re dealing with and download the KYC application form. Fill in all the required details, including personal information like name, address, and PAN number.

      2. Attach Required Documents
        Along with the filled KYC form, you must submit photocopies of the following:

        • ID Proof: PAN card, passport, voter ID, or driver’s license.
        • Address Proof: Recent utility bills (like electricity or phone), bank passbook, ration card, or rental agreement.
        • Passport-size Photograph: A recent photo needs to be attached to the form.

      3. Submit the KYC Form
        Submit the completed form along with the necessary documents to the relevant financial institution or mutual fund intermediary. Ensure that the documents are self-attested before submission.

      4. Verification
        Once submitted, the documents will undergo a verification process by the concerned authority. This might include a representative physically verifying your information.

      5. Completion
        After the verification process is complete, you will receive confirmation that your KYC has been successfully registered. You can now conduct financial transactions using your PAN card.

      PAN Card KYC Online Process​ Steps

      The online process for completing PAN Card KYC is convenient and can be done from the comfort of your home. Here’s a step-by-step guide to help you through the process:

      1. Visit the KYC Registration Agency (KRA) Website
        Go to the official website of any SEBI-registered KRA, such as CAMS, CDSL Ventures, or NSDL. These agencies store and verify KYC information for financial transactions.

      2. Select the eKYC Option
        On the KRA website, select the option for “eKYC” or “KYC Registration.” Some websites may also have an option specifically for “KYC using PAN Card.”

      3. Enter PAN Card Details
        Fill in your PAN card number and other basic details like your full name, date of birth, and email ID/mobile number. This information is used to verify your identity.

      4. Submit OTP for Verification
        After entering your details, you will receive a One-Time Password (OTP) on your registered mobile number (linked to your Aadhaar card). Enter the OTP to verify your identity.

      5. Upload Required Documents
        You will need to upload scanned copies of the following documents:

        • ID Proof: PAN card (mandatory)
        • Address Proof: Aadhaar card, passport, voter ID, or any other valid address proof.
        • Passport-size Photograph: A recent photograph in digital format.

      6. Complete Video KYC (if required)
        Some KRAs may require you to complete a short video verification process to further validate your identity. This can typically be done using your smartphone or computer with a camera.

      7. Submit the Application
        Once all the details and documents are uploaded, review the information and submit the form.

      8. Track KYC Status
        After submission, you can track the status of your KYC verification by visiting the same website and entering your PAN details. The status will show as “Verified” once the process is successfully completed.

      Additional Tips:

      • Ensure your mobile number is linked with your Aadhaar card as it’s required for OTP verification.
      • Double-check all document scans for clarity before uploading.
      • The process typically takes a few days, but can be faster depending on the KRA.
      By Abhinandan, ago
      Linking PAN with Aadhaar

      How To Link PAN Card With Aadhaar?

      Introduction

      Linking your PAN (Permanent Account Number) with Aadhaar has become a crucial requirement for tax-related processes in India. This linkage aims to simplify and streamline the taxpayer’s identification process, making it easier for the Income Tax Department to detect and prevent tax evasion. It ensures that each individual has only one PAN card and that all financial transactions are linked to a single identity.

      Why Should You Link Your Aadhaar With PAN Card?

      The Government of India has mandated the linking of PAN with Aadhaar under the Income Tax Act, 1961. This legal requirement helps in creating a unified base for the financial and social welfare schemes, facilitating better governance. Failure to link the PAN with Aadhaar by the stipulated deadline can result in the PAN becoming inoperative, which could complicate financial transactions and tax submissions.

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      Benefits Of Linking PAN With Aadhaar

        1. Streamlined Financial Transactions

      Linking PAN with Aadhaar significantly streamlines various financial transactions that require PAN verification. This linkage simplifies the process of verifying PAN details for banking transactions, mutual fund investments, and stock trades, making these processes quicker and more efficient. It also helps in reducing the paperwork since Aadhaar can be used to satisfy KYC norms effectively.

        1. Enhanced Compliance and Transparency

      The integration of PAN with Aadhaar enhances the ability of tax authorities to oversee financial transactions, thus improving compliance with tax laws. This transparency aids in curbing tax evasion and ensures a more robust financial system. Moreover, it facilitates quicker tax refund processes by quickly verifying the authenticity of tax returns filed online.

      Step-by-Step Process To Link PAN With Aadhaar

      Method 1: Linking via the Income Tax e-Filing Portal

      1. Visit the Income Tax e-Filing Portal:
        • Go to the Income Tax e-Filing website.
      2. Login/Register:
        • Log in to your account. If you do not have an account, you will need to register using your PAN.
      3. Link Aadhaar:
        • After logging in, navigate to the ‘Profile Settings’ section and click on ‘Link Aadhaar’.
      4. Enter Details:
        • Your PAN details will already be populated. Verify the details and enter your Aadhaar number and name as per Aadhaar.
        • If only your birth year is mentioned in your Aadhaar card, select the checkbox indicating the same.
      5. Captcha Code:
        • Enter the Captcha code for verification.
        • If you have a visual impairment, you can use the OTP option instead, which will send an OTP to your registered mobile number.
      6. Submit:
        • Click on ‘Link Aadhaar’. A pop-up message will confirm that your Aadhaar has been successfully linked with your PAN.
      PAN Aadhaar Link Initiation Steps

      Method 2: Linking via SMS

      1. Compose SMS:
        • Open your SMS app and type the following message: UIDPAN <12-digit Aadhaar> <10-digit PAN>.
      2. Send SMS:
        • Send this message to either 567678 or 56161.
      3. Confirmation:
        • You will receive a confirmation message once your PAN is successfully linked to your Aadhaar.

      Method 3: Linking via the Aadhaar Seva Kendra

      1. Visit Aadhaar Seva Kendra:
        • Go to the nearest Aadhaar Seva Kendra or PAN Service Center.
      2. Fill Form:
        • Fill out the required form to link your PAN with Aadhaar.
      3. Provide Documents:
        • Provide a copy of your PAN card and Aadhaar card.
      4. Submit:
        • Submit the form along with the documents. The staff will process your request, and your PAN will be linked with Aadhaar.

      Method 4: Linking via the NSDL Portal

      1. Visit NSDL Portal:
      2. Link Aadhaar:
        • Look for the option to link Aadhaar and follow the instructions provided.
      3. Enter Details:
        • Enter your PAN, Aadhaar number, and name as per Aadhaar.
      4. Submit:
        • Click on ‘Submit’ to link your PAN with Aadhaar.

      Common Issues And Solutions In Linking PAN With Aadhaar

      Troubleshooting Common Errors

      Common issues include mismatched personal details such as names or dates of birth between PAN and Aadhaar records. To resolve these, you may need to update either your PAN or Aadhaar details. This can be done by submitting a correction form through NSDL for PAN or visiting a nearby Aadhaar Enrollment Center.

      What to Do If PAN-Aadhaar Linking Fails?

      If the online linking fails due to technical reasons, retry after some time or try the SMS method. If persistent issues arise, contact the PAN/Aadhaar helplines for detailed guidance and troubleshooting.

      PAN Helpline Number: (020) 272 18080

      Aadhaar Helpline Number: 1947 (Toll Free)

      How To Check PAN-Aadhaar Link Status?

      Checking the status of your PAN card’s link with Aadhaar is a pretty straightforward process.

      Online Method via Income Tax e-Filing Portal

      1. Visit the Income Tax e-Filing Portal: Go to the Income Tax e-Filing website.
      2. Link Aadhaar Status: Click on the ‘Link Aadhaar’ option under the ‘Quick Links’ section.
      3. Enter Details: Enter your PAN and Aadhaar number.
      4. Submit: Click on the ‘View Link Aadhaar Status’ button.
      5. Check Status: The portal will display the status of your Aadhaar-PAN linking.

      Online Method via SMS

      1. Send SMS: Compose an SMS in the following format: UIDPAN <12-digit Aadhaar> <10-digit PAN>.
      2. Send to Number: Send this SMS to 567678 or 56161.
      3. Receive Status: You will receive an SMS back confirming whether your Aadhaar is linked to your PAN.

      Online Method via NSDL Portal

      1. Visit NSDL Portal: Go to the NSDL PAN portal.
      2. Check Aadhaar Status: Look for an option to check Aadhaar-PAN linking status and follow the instructions provided.

      Through Income Tax Department Mobile App

      1. Download App: Install the Income Tax Department’s mobile app.
      2. Login: Log in with your credentials or register if you haven’t.
      3. Link Aadhaar: Navigate to the ‘Link Aadhaar’ section to check the status.

      How to Link Your PAN to Your Aadhaar After the Deadline

      If you missed the deadline to link your PAN with Aadhaar, you may still be able to complete the process, but there could be additional steps or penalties involved. Here’s how you can proceed:

      1. Pay the Late Fee

      • Late Fee Payment: As per the Income Tax Department guidelines, a late fee of ₹1,000 may be applicable for linking PAN with Aadhaar after the deadline.
      • Payment Process:
        • Visit the e-Filing portal e-Pay Tax or use a Challan 280.
        • Select ‘Proceed’ under the ‘Income Tax’ section.
        • Choose the ‘Other Receipts (500)’ option.
        • Complete the payment with your PAN, assessment year, and other required details.

      2. Link PAN with Aadhaar

      After paying the late fee, follow these steps to link your PAN with Aadhaar:

      Method 1: Through the Income Tax e-Filing Portal

      1. Visit the e-Filing Portal: Go to the Income Tax e-Filing website.
      2. Login/Register: Log in to your account or register if you don’t have an account.
      3. Navigate to Link Aadhaar: Under ‘Profile Settings,’ click on ‘Link Aadhaar.’
      4. Enter Details: Verify your details, enter your Aadhaar number, and name as per Aadhaar.
      5. Captcha Code: Enter the captcha code for verification.
      6. Submit: Click on ‘Link Aadhaar’ to complete the process.

      Method 2: Using SMS

      1. Compose SMS: Type the message UIDPAN <12-digit Aadhaar> <10-digit PAN>.
      2. Send SMS: Send the SMS to 567678 or 56161.
      3. Confirmation: You will receive a confirmation message upon successful linking.

      Method 3: Through Aadhaar Seva Kendra or PAN Service Center

      1. Visit the Center: Go to the nearest Aadhaar Seva Kendra or PAN service center.
      2. Fill Form: Fill out the form to link PAN with Aadhaar.
      3. Submit Documents: Provide self-attested copies of your PAN and Aadhaar.
      4. Fee Payment: Pay the late fee if not already paid online.
      5. Receive Confirmation: The staff will process your request and provide confirmation.

      FAQs around PAN-Aadhaar Linkage

      Linking PAN with Aadhaar is mandatory to ensure that each PAN card holder has a unique identity and to curb tax evasion through multiple PAN cards.

      The government periodically sets deadlines for linking PAN with Aadhaar. It’s important to check the latest deadline on the Income Tax Department’s official website.

      If you do not link your PAN with Aadhaar before the deadline, your PAN will become inoperative. This means you won’t be able to use your PAN for financial transactions, and you may also face a penalty.

      You can link your PAN with Aadhaar online through the Income Tax e-Filing portal. Log in to your account, go to ‘Profile Settings,’ click on ‘Link Aadhaar,’ and follow the instructions.

      Yes, if you link your PAN with Aadhaar after the deadline, a late fee of ₹1,000 is applicable. You need to pay this fee before proceeding with the linkage.

      Yes, you can link your PAN with Aadhaar by sending an SMS in the format UIDPAN <12-digit Aadhaar> <10-digit PAN> to 567678 or 56161.

      Generally, you do not need to submit any documents if the details in both PAN and Aadhaar match. However, if there is a discrepancy, you may need to update your details in either PAN or Aadhaar database.

      You can check the status of your PAN-Aadhaar linking on the Income Tax e-Filing portal by clicking on ‘Link Aadhaar Status’ under the ‘Quick Links’ section.

      If there is a mismatch in details between PAN and Aadhaar, you need to update the information in either of the databases. This can be done online through the respective portals.

      Yes, NRIs also need to link their PAN with Aadhaar if they have an Aadhaar card. The process and deadlines are the same as for resident Indians.

      The linking process is usually instantaneous if done online. However, it may take a few days if there are discrepancies or if done offline.

      No, once PAN and Aadhaar are linked, they cannot be de-linked.

      By Siddharth, ago
      New GST Invoice Management System

      New GST Invoice Management System Goes Live On October 1: Key Details

      The Goods and Services Tax Network (GSTN) has announced a significant enhancement to the GST portal with the introduction of the Invoice Management System (IMS). Set to go live on 1st October, this new feature is designed to streamline the process of managing invoices between suppliers and recipients, ultimately improving the accuracy of Input Tax Credit (ITC) claims, as per an advisory by the GST Network. The IMS offers taxpayers the ability to accept, reject, or keep invoices pending directly within the system, which can be crucial for maintaining compliance and avoiding errors in GST returns.

      Efficient invoice management is critical for businesses of all sizes, particularly in the context of GST compliance. With the complexity of the GST system, errors in invoicing can lead to significant financial penalties and disruptions in business operations. The new IMS addresses these challenges by providing a more transparent and manageable process for handling invoices, ensuring that only genuine and accurate invoices contribute to ITC calculations.

      Key Features Of The New GST Invoice Management System

      The soon-to-be-introduced Invoice Management System (IMS) is poised to change the way taxpayers interact with their invoices on the GST portal. Below are some of the key features that will enhance the GST compliance process for businesses:

      Invoice Acceptance, Rejection And Pending Status

      One of the most significant aspects of the IMS is the ability for taxpayers to take decisive action on invoices received from their suppliers. After the supplier uploads an invoice into their GSTR-1, GSTR-1A, or IFF, it becomes visible in the recipient’s IMS dashboard.

      New Dashboard IMS
      Source: GST Portal

      At this point, the recipient has the option to:

      • Accept the Invoice: Accepted invoices will be automatically included in the recipient’s GSTR-2B and will be considered for ITC eligibility. The GST on these accepted invoices will also auto-populate in GSTR-3B.
      • Reject the Invoice: If an invoice is deemed incorrect or fraudulent, it can be rejected. Rejected invoices will not be included in GSTR-2B, thereby preventing any erroneous ITC claims.
      • Keep the Invoice Pending: If the recipient is uncertain about the validity of an invoice, they can keep it pending. This invoice will not be included in GSTR-2B or GSTR-3B until further action is taken. This feature is particularly useful when additional verification is required.

      Impact On Input Tax Credit (ITC)

      The IMS plays a crucial role in determining the ITC available to taxpayers. Only invoices that are accepted by the recipient will be reflected in the GSTR-2B, which serves as the basis for ITC claims. This ensures that only valid and verified invoices contribute to the ITC, reducing the risk of errors and fraudulent claims.

      Additionally, if no action is taken on an invoice, it will be considered as “Deemed Accepted” and will automatically be included in the GSTR-2B. This feature minimises the compliance burden on taxpayers, allowing them to focus on more critical aspects of their business.

      Invoice Amendments And Their Implications

      Suppliers can amend invoices before filing their GSTR-1. If an invoice is amended, the changes will be reflected in the IMS, and the amended invoice will replace the original one on the recipient’s dashboard. The recipient must then decide whether to accept, reject, or keep the amended invoice pending.

      In cases where an invoice is amended after it has been included in a filed GSTR-1A, the amended invoice will affect the ITC for the subsequent month. This ensures that any changes made by the supplier are accurately reflected in the recipient’s GST returns, maintaining the integrity of the GST system.

      Workflow And Implementation Of The GST Invoice Management System (IMS)

      The workflow of the GST Invoice Management System (IMS) is designed to integrate seamlessly with the existing processes on the GST portal, ensuring that the system is both user-friendly and efficient. Here’s how the IMS is implemented and how it fits into the broader GST compliance framework:

      Invoice Flow In IMS

      The flow of invoices within the IMS begins when a supplier uploads an invoice to their GSTR-1, GSTR-1A, or IFF. Once uploaded, the invoice becomes visible in the recipient’s IMS dashboard, where they can take one of three actions:

      • Accept: Accepted invoices are automatically included in the recipient’s GSTR-2B and are considered for ITC eligibility. The corresponding GST amount is also populated in the recipient’s GSTR-3B as eligible ITC.
      • Reject: Rejected invoices are excluded from the GSTR-2B, ensuring that no erroneous ITC is claimed.
      • Pending: Invoices that are marked as pending are not included in the GSTR-2B or GSTR-3B for the current month. These invoices remain in the IMS dashboard for further action in subsequent months.

      Handling Amendments And Updates

      The IMS is equipped to handle amendments made by suppliers to their invoices. If a supplier amends an invoice before filing their GSTR-1, the amendment is reflected in the IMS, replacing the original invoice on the recipient’s dashboard. The recipient must then decide how to proceed with the amended invoice.

      For invoices amended after inclusion in a filed GSTR-1A, the impact on ITC is deferred to the subsequent month. This ensures that all amendments are accurately tracked and reflected in the GST returns, preserving the integrity of the data.

      IMS Dashboard
      Source: GST Portal

      Sequential Generation Of GSTR-2B

      A unique aspect of the IMS is the sequential generation of GSTR-2B. The system will only generate the GSTR-2B for a given period after the GSTR-3B for the previous period has been filed. This sequential approach ensures that all invoices and amendments are accounted for in the correct period, preventing discrepancies in ITC claims.

      Special Considerations For QRMP Taxpayers

      For taxpayers under the Quarterly Return Monthly Payment (QRMP) scheme, the IMS provides tailored functionality. Invoices uploaded through IFF by QRMP taxpayers flow into the IMS, but GSTR-2B for these taxpayers is generated on a quarterly basis, rather than monthly. This adjustment aligns with the QRMP scheme’s reporting requirements, ensuring that compliance remains streamlined for these taxpayers.

      The IMS is designed to work with various GST compliance software, offering automation and integration capabilities that enhance the efficiency of managing invoices. Businesses using GST e-invoicing software, GST invoice reconciliation tools, or other related solutions can benefit from the seamless integration of IMS into their existing workflows. This allows for automated updates and real-time tracking of invoice statuses, further simplifying GST compliance.

      Also Read

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      By Abhinandan, ago
      Aadhaar update deadline extended

      UIDAI Extends Free Aadhaar Update Deadline Till September 14, 2024

      The Unique Identification Authority of India (UIDAI) has announced an extension for the free update of Aadhaar details, with the new deadline set for September 14, 2024. This extension provides precious time for residents to ensure their Aadhaar information is up-to-date without incurring any fees, as post-deadline updates will be charged. With Aadhaar being the foundation for identity verification in India, keeping your details accurate and current is crucial for accessing various services and benefits.

      Extension Of The Free Aadhaar Update Deadline

      The UIDAI’s decision to extend the deadline for free Aadhaar updates until September 14, 2024, is a significant relief for millions of citizens. Initially set to expire earlier, the deadline has been extended to provide adequate time for individuals to update their biometric and demographic details. The extension is particularly important for those who may have had their Aadhaar issued more than ten years ago and have not updated their details since.

      The free update applies to updates made through the myAadhaar portal, while updates made at Aadhaar centres will incur a fee of ₹50 after the deadline. This extension is also a response to the growing need for accurate data, especially as Aadhaar is increasingly being used for financial transactions and other sensitive operations.

      The Importance Of Updating Aadhaar

      Aadhaar, a 12-digit unique identity number issued by the UIDAI, is linked to various government schemes, banking services, and even mobile connections. Therefore, having accurate details in your Aadhaar profile is essential to avoid any interruptions in accessing these services. The UIDAI periodically requires updates to biometric and demographic details to maintain the integrity of the Aadhaar database.

      How To Update Aadhaar Details?

      Updating Aadhaar details is a straightforward process that can be done either online or offline. Here’s how you can update your information:

      Online Update Via myAadhaar Portal

      1. Access the Portal: Visit the myAadhaar portal at https://myaadhaar.uidai.gov.in 
      2. Login: Use your Aadhaar number and OTP sent to your registered mobile number to log in
      3. Select Update Section: Navigate to the ‘Update Your Aadhaar’ section
      4. Choose the Details to Update: You can update your demographic details like name, address, date of birth, gender, mobile number, and email address
      5. Upload Supporting Documents: For changes in name, address, or date of birth, upload the necessary documents as proof
      6. Submit the Request: Review your details and submit the update request

      Offline Update At Aadhaar Centres

      1. Locate a Centre: Find the nearest Aadhaar enrolment or update centre.
      2. Visit the Centre: Carry original documents for verification and submission.
      3. Fill Out the Update Form: Provide details of the changes you wish to make.
      4. Submit Documents: Provide the necessary documents as proof for demographic updates.
      5. Biometric Update: Your fingerprints, iris, and photographs will be captured again for biometric updates.
      6. Pay the Fee: After September 14, a fee of ₹50 will be applicable for any updates done at the centre.

      Different Types Of Aadhaar Updates

      Understanding the types of updates and their associated costs can help in planning the update process:

      1. Biometric Update
      • For Children (Aged 5-7 and 15-17 Years): Free if done within the specified age brackets.
      • Otherwise: ₹100 fee for any other biometric updates.
      1. Demographic Update
      • If Done with Biometric Update: Free.
      • If Done Separately: ₹50 fee.
      1. Document Update
      • Online (Till September 14, 2024): Free.
      • At Aadhaar Centre: ₹50 fee.

      If you fail to update your Aadhaar details before the September 14 deadline, you’ll need to pay ₹50 per update for demographic or document changes and ₹100 for biometric updates. This penalty is designed to encourage timely updates and ensure that the Aadhaar database remains accurate and reliable.

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      By Abhinandan, ago
      gst collection August 2024

      GST Collection Rises 10% YoY In August 2024

      The Goods and Services Tax (GST) is an important parameter of India’s economic health, and the GST collection for August 2024 has once again highlighted the strength of the Indian economy. With the total GST collection for August 2024 reaching ₹1,74,962 crore, this marks a significant 10% year-on-year growth compared to August 2023. This blog explores the GST collection data for August 2024, analyses the trends, and compares it with the GST Collection data for July 2024 to provide a detailed understanding of the ongoing economic dynamics.

      GST Collection August 2024: Key Figures 

      August 2024 witnessed a robust GST revenue of ₹1,74,962 crore, which includes:

      • Central GST (CGST): ₹30,862 crore
      • State GST (SGST): ₹38,411 crore
      • Integrated GST (IGST): ₹93,621 crore
      • Cess: ₹12,068 crore

      This strong performance reflects a 10% growth compared to August 2023, when the total collection was ₹1,59,069 crore. The data indicates sustained economic activities and improved GST compliance across the country.

      Comparative Analysis Of GST Collection: August 2024 vs. July 2024

      When we compare the GST collection of August 2024 with July 2024, which recorded a total GST revenue of ₹1,82,075 crore, there is a slight dip of around 4%. However, this fluctuation is typical in the monthly GST collection trends due to the varying economic activities across months. Despite the slight decrease from July, the year-on-year growth is a positive sign of the economy’s steady recovery.

      • CGST and SGST Comparison:
        • July 2024: CGST ₹32,386 crore; SGST ₹40,289 crore
        • August 2024: CGST ₹30,862 crore; SGST ₹38,411 crore

      CGST and SGST collections in August 2024 were slightly lower than in July 2024. The CGST dropped by approximately 4.7%, while the SGST fell by around 4.6%. This minor decline could be attributed to seasonal factors and the timing of tax payments.

      • IGST and Cess Comparison:
        • July 2024: IGST ₹96,447 crore; Cess ₹12,953 crore
        • August 2024: IGST ₹93,621 crore; Cess ₹12,068 crore

      IGST and Cess collections also observed a marginal decrease in August compared to July, by 2.9% and 6.8%, respectively. However, the overall year-on-year growth remains strong, reflecting a healthy and growing economy.

      State-wise GST Collection August 2024

      The state-wise GST collection data for August 2024 presents a mixed bag, with some states showing significant growth while others experienced a slight decline. Here are the top-performing states for GST collection for August 2024:

        • Maharashtra: ₹26,367 crore, a 13% increase from August 2023
        • Delhi: ₹5,635 crore, marking a substantial 22% growth from August 2023
        • Haryana: ₹8,623 crore, with a 12% growth from August 2023
        • Assam: ₹1,353 crore, showing an 18% increase from August 2023
        • Madhya Pradesh: ₹3,438 crore, showing a 12% growth from August 2023

        On the other hand, states like Andhra Pradesh and Arunachal Pradesh saw a reduction in GST collections by 5% and 10%, respectively. This disparity highlights the varied economic activities and GST compliance levels across different regions of India.

        You can read the entire report of the GST Collection for August 2024 by clicking here.

        The GST collection trends for August 2024 are encouraging, with consistent year-on-year growth reflecting the resilience of the Indian economy. The slight monthly dip from July 2024 is not alarming but rather indicative of the usual fluctuations in economic activities and tax payments.

        Looking ahead, the government’s ongoing efforts to streamline GST compliance through the GST portal and regular updates to GST rates and returns are expected to sustain and even enhance this growth trajectory. Additionally, as the Indian economy continues to recover and expand, we can anticipate further improvements in GST revenue collections in the coming months.

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        Conclusion

        The GST collection for August 2024, amounting to ₹1,74,962 crore, marks a significant milestone in India’s fiscal journey. The 10% year-on-year growth is a testament to the robustness of the Indian economy and the effectiveness of GST as a revenue collection mechanism. As we move forward, the focus will remain on enhancing compliance, optimising GST rates, and ensuring that the GST system continues to support India’s economic aspirations.

        By Abhinandan, ago
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