Tax collection authorization: bank permitted to collect VAT and sales tax subject to prompt remittance and electronic reporting requirements. Punjab National Bank and listed branches are authorized as collection points for sales tax and VAT; funds must be remitted to the Delhi VAT account at the Reserve Bank within a short stipulated period from realization, delayed remittance attracts interest at bank rate plus a margin, and banks must operate on-line computerized counters with prescribed software, provide MIS reports, transmit electronic collection data in prescribed formats, and accept payments of any denomination at any authorized branch irrespective of account status.
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.
Tax collection authorization: bank permitted to collect VAT and sales tax subject to prompt remittance and electronic reporting requirements.
Punjab National Bank and listed branches are authorized as collection points for sales tax and VAT; funds must be remitted to the Delhi VAT account at the Reserve Bank within a short stipulated period from realization, delayed remittance attracts interest at bank rate plus a margin, and banks must operate on-line computerized counters with prescribed software, provide MIS reports, transmit electronic collection data in prescribed formats, and accept payments of any denomination at any authorized branch irrespective of account status.
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