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of <h1>Punjab National Bank Authorized to Collect VAT, Sales Tax in Delhi; Must Remit to RBI Within 3 Days</h1> Punjab National Bank and its branches in the Union Territory of Delhi have been authorized to collect VAT and Sales Tax as per the Delhi Value Added Tax Rules, 2005. The bank must remit collected funds to the Reserve Bank of India within three days, including holidays, from the realization date. Interest will be charged on delayed remittances at the bank rate plus 2%. Tax collection must occur through online computerized counters, with data sent to the Department electronically. Banks must accept tax payments of any denomination at authorized branches, regardless of the dealer's account status. This notification is effective immediately.
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