Bank collection of VAT: banks authorised as government treasuries subject to remittance, interest and electronic reporting conditions. Certain specified commercial banks are designated as the appropriate Government Treasury to receive sales tax and Value Added Tax liabilities of dealers under the Delhi VAT Act, 2004, effective 1 April 2005. Their authority is conditional on remitting collections to the RBI Sales Tax Account within three days of realization, payment of interest on delayed remittances at the latest bank rate plus two percent, implementing on-line computerized collection systems that supply prescribed MIS and electronic data, and accepting sales tax payments of any denomination at any authorised branch regardless of dealer banking relationship.
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.
Bank collection of VAT: banks authorised as government treasuries subject to remittance, interest and electronic reporting conditions.
Certain specified commercial banks are designated as the appropriate Government Treasury to receive sales tax and Value Added Tax liabilities of dealers under the Delhi VAT Act, 2004, effective 1 April 2005. Their authority is conditional on remitting collections to the RBI Sales Tax Account within three days of realization, payment of interest on delayed remittances at the latest bank rate plus two percent, implementing on-line computerized collection systems that supply prescribed MIS and electronic data, and accepting sales tax payments of any denomination at any authorised branch regardless of dealer banking relationship.
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