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PENALTY MECHANISM FOR ERRING BANKS

Para 6 - Draft-Bills-Reports - 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 Cent .....

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ties 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 Accounting Authority of the concerned st .....

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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 of taxes under GST regime should be devise .....

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