Punjab National Bank authorized to collect excise and Service Tax in Ahmedabad

By Vijay Kumar

19 branches of the PNB have been authorized by the Principal Chief Controller of Accounts to collect excise duty and Service Tax in Ahmedabad. Permission is only to collect excise and Service Tax and customs duties.

The Accounts Chief has instructed the bank that

++ It should ensure that, challans are duly checked by their receiving branches before accepting the payments i.e. the challans are complete in all respects and the assessee correctly quote on the challan their PAN based 15 digit Assessee code.

++ It will be responsible for submission of scrolls and challans Major Head-wise (Separate for Central Excise and for Service Tax) separately on daily basis to Pay & Accounts Officer, Central Excise, Ahmedabad and settlement of funds with the RBI, CAS Nagpur through their Link Cell at Nagpur.

++ The Bank should also comply with all the guidelines and instructions issued by RBI from time to time regarding collection and remittance of Funds to RBI, CAS, Nagpur within the prescribed time limit.

++ Any delay in remittance to RBI, CAS, Nagpur beyond the permissible time limit would attract payment of delayed period interest.

++ The performance of the Bank will be reviewed periodically. In case of poor performance during a sustained period, authorisation to collect revenue may be withdrawn.

Coord II/9-7/M.Banking/2005/480 - Dated : October 6, 2006 of the Pr. Chief Controller of Accounts

Laws for the regulation of trade should be most carefully scanned. That which hampers, limits, cripples and retards must be done away with.

(Elbert Hubbard)