E-Payment Mandated for Central Excise Duty Over Rs. 50 Lakhs; Effective April 1, 2007; 22 Banks Authorized.

The circular mandates e-payment of Central Excise duty for assessees who paid Rs. 50 lakhs or more in the previous financial year, effective from April 1, 2007. It outlines the procedure for e-payment, which includes logging into a bank's internet site, filling an online challan, and authorizing the payment. The facility is accessible 24/7, with payments made before 8 p.m. counted for the same day. E-payment offers convenience, instant cyber receipts, and eliminates queues. A list of 22 authorized banks is provided for electronic payment. The circular encourages trade associations to inform their members about this requirement.