Bank of India and its specified branches to collect Sales Tax and Value Added Tax - F.27(95)/P-I/05/CST/PF/2006-07/2952 - Delhi Value Added Tax

Bank of India and its specified branches to collect Sales Tax and Value Added Tax

(TO BE PUBLISHED IN PART IV OF THE DELHI GAZETTE EXTRAORDINARY)

GOVERNMENT OF NATIONALCAPITALTERRITORY OF DELHI

OFFICE OF THE COMMISSIONER, VALUE ADDED TAX

VYAPAR BHAWAN, I.P. ESTATE, NEW DELHI-110 002

NOTIFICATION

No.F.27(95)/P-I/05/CST/PF/2006-07/2952

Dated : 6/10/06

No.F.27(95)/P-I/05/CST/PF/2006-07/2952 : In exercise of the powers conferred vide sub-rule (2) of Rule 31 of the Delhi Value Added Tax Rules, 2005 read with sub-rule 4(b) of Rule 2 of the said Rules and section 36 of the Delhi Value Added Tax Act, 2004, I Archna Arora, Commissioner of Value Added Tax do hereby notify Bank of India and its branches as mentioned in the Annexure, 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 Value Added Tax Act, 2004:

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 31.12.2006 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 latest '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 developed/modified 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 also be sent to the Department in an electronic form in the mode, frequency and structures as 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.

(Archna Arora)

Commissioner, Value Added Tax