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Circulars/Trade
Notices/Clarification
Multibanking system for Central Excise and Service Tax assesses The system of Multibanking has been started in Commissionerate of Central Excise, Mumbai-II by adding one private sector Bank i.e. ICICI Bank to initially existing three public sector banks. Trade Notice No. 57/CEX/Nomination of Private Sector Banks (1) 2003 has been issued in this regard. Now keeping in mind the persistent demand that the system should be more broadbased and assesses should be given the full benefit of choice in the multibanking set up, it has been decided to allow all the collecting banks i.e. the nine public sector banks and four private sector banks to collect Central Excise and Service Tax revenues from assesses through their authorized branches. List of the banks are furnished below. Public Sector Banks 1.
Union Bank of India
The assesses will have the facility of choosing their bank or branch of payment depending on their physical location or quality of service or other business relations between them. This will be a step forward in enhancing assessee convenience and choice, upgradation of competition and services among banks and would be in line with the liberal and competition oriented environment being fostered in the country. The assessee, whether of Central Excise or of Service Tax should correctly quote on the challan: (i)
the PAN based assessee code (to facilitate reconciliation) It has been proposed to introduce this revised procedure w.e.f. 1st April, 2004. This is issued in view of letter F. No. Coord/9-7/2002/Vol. II, dated 30-01-2004 of Pr. Chief Controller of Accounts, C.B.E.C., New Delhi. [Commissioner
of Central Excise, Mumbai-II, easybs.com |