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 – PENALTY MECHANISM FOR ERRING BANKS: 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 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 defa

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