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of <h1>Mandatory E-Payment for Excise Duties Over Rs. 50 Lakhs Now Requires NSDL Validation for Data Accuracy.</h1> The circular from the Commissioner of Customs & Central Excise, Hyderabad, addresses the mandatory e-payment of Central Excise Duties and Service Tax via internet banking for assessees with annual payments exceeding Rs. 50 lakhs. Previously, transactions were conducted through authorized banks' websites, but issues with data validation were noted. To enhance data accuracy, non-financial validations will now occur on the NSDL website before redirecting to the bank's site. The Reserve Bank of India instructed banks to implement this system, with 14 banks already operational. Remaining banks are urged to expedite testing and implementation. A detailed procedure is included in the notice.
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