Appropriate Government Treasury designation enables bank-based VAT e-payments subject to remittance, challan and reporting conditions. Allahabad Bank is designated as an Appropriate Government Treasury for VAT deposits subject to conditions: remit funds to the VAT account at the Reserve Bank of India within prescribed short periods for physical and electronic payments; levy interest on delayed remittance at bank rate plus two percent for the period from receipt or cheque realization to settlement; require dealers/TAN holders to use department-printed challans with unique IDs (including online challans); generate MIS reports and upload transactional data daily to the department website; and adhere to the Information Technology Act and RBI guidelines.
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.
Appropriate Government Treasury designation enables bank-based VAT e-payments subject to remittance, challan and reporting conditions.
Allahabad Bank is designated as an Appropriate Government Treasury for VAT deposits subject to conditions: remit funds to the VAT account at the Reserve Bank of India within prescribed short periods for physical and electronic payments; levy interest on delayed remittance at bank rate plus two percent for the period from receipt or cheque realization to settlement; require dealers/TAN holders to use department-printed challans with unique IDs (including online challans); generate MIS reports and upload transactional data daily to the department website; and adhere to the Information Technology Act and RBI guidelines.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
