Notification to three banks for the purpose of deposit of all sales tax and Value Added Tax in relation to a dealer under DVAT Act 2004 - No.F.27(95)/2001/P/2144 - Delhi Value Added Tax

GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI

OFFICE OF THE COMMISSIONER OF VALUE ADDED TAX

BIKRI KAR BHAWAN, I.P. ESTATE, NEW DELHI-110 002

No.F.27(95)/2001/P/2144

Dated : 25/05/2006

NOTIFICATION

In exercise of the powers conferred vide Sub Rule (2) of Rule 31 of the Delhi Value Added Tax Rules, 2005, I R.K. Verma, Commissioner of Value Added Tax, do hereby notify banks mentioned herein below and its branches within the Union Territory of Delhi, in addition to the banks already notified, as the appropriate Government Treasury for the purpose of deposit of all sales tax and Value Added Tax dues in relation to a dealer who is or is liable to be registered under the Delhi VAT Act, 2004:

1. UCO Bank

2. United Bank of India

3. Bank of Maharashtra

This notification is subject to the fulfillment of following conditions by the aforesaid bank in addition to the guidelines issued by the Reserve Bank of India on this subject:

1. That the funds shall be remitted to the Value Added Tax Account with Reserve Bank of India, Parliament Street, New Delhi within three days (including holidays) from the date of realization of cheques, etc. and the collection report would also be given at the end of the same day. However, the remittance schedule would be reviewed again after 30.06.2006 in terms of the capability of the banks to reduce this period below three days and ensure remittances on a day-to-day basis.

2. That the interest shall be levied on delayed remittance calculated at the lates ‘bank rate plus 2%’, as notified by Reserve Bank of India from time to time. Interest will be calculated for the period starting from the date of the receipt as per challan in case of cash/transfer transaction or date of realization of cheque in case of clearing instruments by the receiving branch to the date preceding the date of settlement by the bank Link Cell with Reserve Bank of India Offices.

3. That the tax shall be collected through on-line computerized counters for which software shall be develped as per specifications issued by the Department from time to time. The software should generate all types of MIS reports required by the Department. The collection data shall be also sent to the Department in an electronic form in the mode, frequency and structures prescribed by the Department.

4. That it shall be mandatory on banks to accept all tax payments of any denomination in any of its authorized branches irrespective of the dealer having account with the bank or not.

This notification shall come into force with immediate effect.

Sd/-

(R.K. Verma)

Commissioner VAT : Delhi