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of <h1>New Metrics Proposed for Banks on Timely Fund Remittance and Data Accuracy; GST Penalties and Incentives Suggested</h1> Banks currently face penalties for delayed fund remittances, but new performance metrics are proposed for timely remittance and error-free data reporting. A system of incentives and penalties could be established by the respective Accounting Authority, based on data quality. Penalties for inaccurate reporting and delayed tax settlement, already present in Direct Taxes, are recommended for the GST regime. The RBI, in consultation with Accounting Authorities, should devise a framework for tax collection under GST. Banks failing to meet this framework should be barred from collecting GST. A long-term service quality rating for banks is also suggested.
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