E-payment of Government Revenue — Cut off time for e-payment transactions

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..... g to Government Revenue. In the meeting held in Mumbai with the representatives of the banks on 5th October, 2007, one of the points for consideration was cut off time (end of day) to determine the date of payment by an assessee in respect of e-Payment which has not been specifically defined. It has now been decided with the approval of Controller General of Accounts, Ministry of Finance, De .....

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..... receipt. These are required to be quoted to avoid any legal issues related to credit to be given to the assessee in terms of the Central Excise Rules, 2002 as amended vide notification date 1st March, 2003, whereby the date of presentation of cheque/Demand Draft is treated as date of payment of tax, though the cheque/draft so tendered at the bank gets cleared on a subsequent day. You are, theref .....

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