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PENALTY MECHANISM FOR ERRING BANKS

Para 6 - Business Processes for GST - Payment - Goods and Services Tax - Para 6 - : 79. At present, banks are subjected to penalty for delayed fund remittances only. Current system of remuneration to banks for collection of Central Excise, Service Tax and Customs duties is determined on the basis of challans. New parameters of bank performance could be developed, based on timely remittance and reporting of error- free data to all stakeholders. A system of incentives / penalties to be administere .....

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