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of <h1>Government Sets 8 PM Cut-Off for E-Payments to Avoid Tax Credit Legal Issues Under Central Excise Rules.</h1> The circular addresses the cut-off time for e-payment transactions related to government revenue, decided in a meeting with bank representatives. It stipulates that e-payments received by 8:00 PM are considered for that day, while those after are treated as next working day payments. The guideline affects the timeframe for depositing tax receipts into the government account and related penalties. It also emphasizes the need for cyber receipts to include transaction date and time to prevent legal issues regarding tax credit under Central Excise Rules. Banks are instructed to implement these guidelines.
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