CA Vishnu acharya

Chartered Accountant specializing in taxation and compliance. Experienced in GST and advisory services, with a keen interest in Finance and Compliance.

[CA Vishnu acharya @ca__vishnu]

@ICICIBank_Care Do you really understand?

It is just some automated response. It is more than a week from the date I messaged. No response yet.

[CA Vishnu acharya @ca__vishnu]

In a climate where India is actively pushing for global investment and ease of doing business, the ground reality of banking operations remains a massive bottleneck for foreign direct investment (FDI).

My US-based client (LLC) recently set up an Indian subsidiary via the FDI Automatic Route, routing the capital through @ICICIBank. What should have been a standard compliance process turned into a 1-year bureaucratic nightmare due to sheer operational negligence:

Incorrect Purpose Code: ICICI Bank altered the purpose code during processing, resulting in an incorrect FIRC. Despite being presented with screenshots of the original remittance details, the bank forced the remitter’s US bank to send a fresh SWIFT correction message.

6-Month Delay: Even after receiving the SWIFT correction from the US bank, it took ICICI Bank over 6 months just to issue a revised FIRC. To make matters worse, it was printed on plain paper with just a branch seal and signature.

Internal Contradictions & Rejection: When the Form FC-GPR was filed, ICICI Bank’s own Trade Finance Team rejected it, stating the revised FIRC was invalid because it wasn't on official bank letterhead.

Premature Grievance Closure: The issue was escalated to the Head of Service Quality. @ICICIBank_Care assured us the complaint would remain open until the FC-GPR was successfully processed. Instead, they closed the ticket two weeks later, blindly relying on a branch update that a "revised FIRC was issued"—completely ignoring that their own backend team had rejected it.

The Fallout: It has been exactly one year since the remittance. A foreign investor that came to India with a vision to build an enterprise and create local employment is now highly skeptical about continuing business here, purely due to the abysmal service and lack of accountability at ICICI Bank.

If we want to build a truly global ecosystem for exporters and foreign investors, Indian bankers need to be drastically retrained on their role in Forex realization and compliance.

Sharing the complaint reference directly since the standard support channels have failed us: E079794621

@ICICIBank @ICICIBank_Care @RBI @MCA21India @FinMinIndia

[CA Vishnu acharya @ca__vishnu]

@R_N_Vaghani All these to be maintained as per the "Good and Simple" taxation system. I dare not to imagine how a complicated system could be....🤔

[CA Vishnu acharya @ca__vishnu]

I still don't get why it is even required.

If it is for information, Firms that file the return will show the remuneration and interest paid to partners with PAN details specifically in the Firm's ITR.

Those don't file - do you expect them to do TDS compliance and not file ITR? 🤨

[CA Vishnu acharya @ca__vishnu]

@atulmodani I once had request for a CA Certificate Certifying "The borrower is illiterate" 🤦. Reason - The borrower has filed 3 years ITR on same day and informed the banker that he didn't know he had to file the ITR yearly.

Weird- But, True.

[CA Vishnu acharya @ca__vishnu]

To all developers & IT engineers on X —

https://t.co/EdoJ39dUzN was down ALL DAY yesterday. Again.

This portal serves EVERY taxpayer & business in India. It fails when needed the most.

@Infosys_GSTN @GSTN_IT — I have no doubt about your engineers' capability. But citizens need answers.

GSTN has published their full system architecture publicly 👇
🔗 https://t.co/gdgG3XN5qG

To India's massive IT community —

- Do you see any bottlenecks?
- What could be improved?
- What would YOU do differently?

This country deserves better. Let's make this constructive.

Tag an engineer who can add value 🇮🇳

#GSTN #GSTPortal #GSTDown #IndianIT #TechTwitter #GST

[CA Vishnu acharya @ca__vishnu]

And for those who think, "Why wait for the last day ?"

GST Monthly compliance is on a JIT basis.

14th - You get the details of the Invoices uploaded to your GSTIN on the Portal.

By the 17th-18th, you have to compare all that data with your records, get the missing documents, if any, from the clients/vendors, check for eligibility of credit on those Invoice, take action Invoice by Invoice, and compute tax liability.

Maybe by 19th pay GST and on 20th @Infosys_GSTN throws this surprise.

You need to do this for all clients. If any client has a presence in all 28 states, then you shall log in to this portal 28 times for just that one client.

We have "One Nation One Tax" - But different login credentials for different states.

The slogan states GST is "Good and Simple Tax" - But the G & S are always silent.

[CA Vishnu acharya @ca__vishnu]

Today Akshaya Tritiya - the auspicious day when wealth multiplies and prosperity begins.

Meanwhile, the @Infosys_GSTN portal had its own plans: multiply the errors, crash at capacity, and make every CA's Akshaya truly infinite in suffering.

Happy R3B due date, everyone. #GST

[CA Vishnu acharya @ca__vishnu]

🏆 FINALLY! After 17 years of heartbreak, sleepless nights, and unwavering faith, RCB has done it!

Ee sala cup namde! 🔥❤️

#RCB #IPL2025 #LoyaltyRewarded #PlayBold

[CA Vishnu acharya @ca__vishnu]

But hey, at least tax professionals can’t penalize the CBIC for non-compliance—otherwise, we’d be looking at some hefty late fees by now!

[CA Vishnu acharya @ca__vishnu]

Oh, the irony! The very department that expects tax professionals to flawlessly navigate the maze of GST portal glitches now finds itself helpless in the face of its own technical failure (1/3).

#GST #gstn

[CA Vishnu acharya @ca__vishnu]

Four days of downtime, no estimated restoration, and a potential data compromise—sounds familiar, doesn’t it? Perhaps now they’ll appreciate the frustration of professionals who have spent hours staring at error codes while trying to file returns before deadlines.

[CA Vishnu acharya @ca__vishnu]

@Infosys_GSTN In all such cases, the IMS records are updated as of today (January 20, 2025). Thanks to @Infosys_GSTN for the prompt response.

[CA Vishnu acharya @ca__vishnu]

Something seems wrong with the recent update of the GST Portal. @Infosys_GSTN, in many cases where the GSTR 1 was filed on or before 9 January, the portal shows the filing status as "Filed" for the Supplier and "Not Filed" for the recipient, resulting in loss of ITC to recipient.

[CA Vishnu acharya @ca__vishnu]

@Infosys_GSTN As this is a common issue faced by many Registered Taxpayers, request @Infosys_GSTN to issue an advisory on this. Is anyone else facing this issue?

#gstr1 #gstportal #IMS #gstr2B #GST

[CA Vishnu acharya @ca__vishnu]

@DiveshGoyal04 @MCA21India @icsi_cs @theicai @nsitharamanoffc In a similar case, the Name Approved in Part A is not expired, but the error message shows the name is expired while filing Part B. Grievance raised (FO_20230518827304).

@MCA21India @icsi_cs @theicai @nsitharamanoffc #easeofdoingbusiness

[CA Vishnu acharya @ca__vishnu]

@DiveshGoyal04 @MCA21India @icsi_cs @theicai @nsitharamanoffc Are you getting this error even after associating DSC by logging in through Director Credentials?

[CA Vishnu acharya @ca__vishnu]

@KanchiKukreja Did this issue resolve? I am facing the same issue...