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Indian Bank Extends Opening Hours For Tax Collection

by Mary Swire, Tax-News.com, Hong Kong

25 March 2013


The Reserve Bank of India (RBI) has announced that branches conducting Government business will be kept open on upcoming holidays to ensure that customers can settle their tax bills.

The current Indian tax year ends on March 31. However, of the days immediately leading up to this deadline, March 29 and 31 have been Gazetted as holidays, and March 30 falls on a Saturday. The RBI has accordingly taken measures to facilitate the collection of tax receipts by its Agency banks during this period.

All branches conducting Government business will be required to process tax transactions on March 29-31, operating under extended opening hours. Instructions have also been issued for "special clearing" on these days, including same-day tax return clearing on March 31.

The Finance Ministry's Economic Survey 2012-13, published last month, shows that Indian gross tax revenue for the first nine months of the current financial year fell significantly short of target. Revenues for the period April-December 2012 totaled INR6.83 trillion (USD1.25bn). Budget estimates projected a figure of INR10.77 trillion.

The RBI's action therefore chimes with recent Government statements made as part of a push for higher levels of tax collection. The Income Tax Department has called on all defaulters to come forward and settle their outstanding taxes before March 31, warning that failure to do so could result in a number of penalties. The Department estimates that the cost of this non-compliance stands at INR38.59bn. Similarly, in February, Finance Minister P. Chidambaram spoke of the need for revenue officers to make every effort to reach indirect tax collection targets for the 2012-13 financial year.

 

TAGS: compliance | Finance | tax | business | tax compliance | India | tax incentives | penalties | individual income tax

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