Tax collection by designated bank branches requires prompt remittance, interest on delayed transfers, and electronic reporting. Notification designates Bank of India and specified branches as Government Treasuries for deposit of Sales Tax and Value Added Tax dues under the Delhi VAT Act. Designated banks must remit collections to the VAT Account at the Reserve Bank of India within three days of cheque realization, provide same-day collection reports, and may be required to remit daily after review. Interest on delayed remittance is charged at bank rate plus two percent from receipt/realization until settlement. Banks must operate on-line computerized counters, supply prescribed MIS and electronic collection data, and accept payments of any denomination at any branch regardless of account status.
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Provisions expressly mentioned in the judgment/order text.
Tax collection by designated bank branches requires prompt remittance, interest on delayed transfers, and electronic reporting.
Notification designates Bank of India and specified branches as Government Treasuries for deposit of Sales Tax and Value Added Tax dues under the Delhi VAT Act. Designated banks must remit collections to the VAT Account at the Reserve Bank of India within three days of cheque realization, provide same-day collection reports, and may be required to remit daily after review. Interest on delayed remittance is charged at bank rate plus two percent from receipt/realization until settlement. Banks must operate on-line computerized counters, supply prescribed MIS and electronic collection data, and accept payments of any denomination at any branch regardless of account status.
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