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PENALTY MECHANISM FOR ERRING BANKS

Para 6 - Draft-Bills-Reports - Business Processes for GST - Payment - Report on - Business Processes for GST - Payment - [April 2015] - Para 6 - : 79. At present, banks are subjected to penalty for delayed fund remittances only. Current system of rem .....

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keholders. A system of incentives / penalties to be administered by the respective Accounting Authority (i.e. if defaults arise in remission of CGST/IGST/Additional Tax, by Accounting Authority of Centre and if defaults arise in remission of SGST, by .....

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ccurate reporting and delayed settlement of taxes is already in place in the case of Direct Taxes and the same may be put in place in GST regime. It is further recommended that a framework of desired features and validations at Banks for collection o .....

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