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of <h1>RBI Circular: GAR-7 Challans Require Valid Assessee Codes; EASIEST System to Reject Invalid Entries from Sept 2010.</h1> The circular issued by the Reserve Bank of India mandates that all assessees must quote a valid assessee code in the GAR-7 challan for excise and service tax payments. Despite improvements, around 4% of challans still contain invalid assessee codes, some of which are high-value. To address this, the EASIEST system will reject records with codes not present in the master directory. Banks are advised to download the updated assessee code directory daily and verify codes through the NSDL website. From September 1, 2010, only challans with valid codes will be accepted by the EASIEST central system.
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