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of <h1>New E-Payment Cut-Off: Payments by 8 PM Count Same Day; Later Ones Next Day. Banks Must Comply.</h1> The circular addresses the cut-off time for e-payment transactions related to government revenue. It establishes that payments received by 8:00 PM will be considered as received on the same day, while those received afterward will be treated as received on the next working day. This decision, approved by the Controller General of Accounts, impacts the timing for depositing tax receipts into the government account and the calculation of any applicable penal interest. Additionally, cyber receipts for e-payments must include transaction date and time to avoid legal issues concerning credit under the Central Excise Rules. Banks are instructed to comply with these guidelines.
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