Authorized banks for VAT payments require timely remittance, interest on delayed transfers, and mandated online/offline challan process. Specified banks are notified as government treasuries for receipt of VAT dues; they must remit funds to the Reserve Bank within prescribed timelines, levy interest on delayed remittance at bank rate plus two percent with specified computation, generate MIS reports and upload daily data, comply with IT Act security provisions, and follow the Department's online and offline challan-based payment procedures, including a unique ID challan for physical cash or cheque payments.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Authorized banks for VAT payments require timely remittance, interest on delayed transfers, and mandated online/offline challan process.
Specified banks are notified as government treasuries for receipt of VAT dues; they must remit funds to the Reserve Bank within prescribed timelines, levy interest on delayed remittance at bank rate plus two percent with specified computation, generate MIS reports and upload daily data, comply with IT Act security provisions, and follow the Department's online and offline challan-based payment procedures, including a unique ID challan for physical cash or cheque payments.
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