Banks to remain open on weekend to facilitate tax collection

Tags: Banking
Bank branches will remain open for full day on March 29, 30 and 31 to facilitate tax collection.

While March 29 is a Saturday, March 30 is Sunday and March 31 is the last year of financial year and is a public holiday in some parts of the country.

"The Chairperson, Central Board of Excise and Customs (CBEC) has requested the Secretary Financial Services to issue instructions to have the banks open for full day on 29th, 30th and 31st March 2014 so that the efforts made for collections of revenue are reflected appropriately," an office memorandum said.

Bulk of the revenue is received at the end of the month, it said, adding banks need to facilitate electronic tax payment by assessees.

In the 2014 interim budget, the government has lowered the indirect tax collection target for the current fiscal by Rs 45,483 crore to over Rs 5.19 lakh crore.

Of this, over Rs 1.75 lakh crore and Rs 1.79 lakh crore is to be mobilised from customs and excise duty collection and about Rs 1.65 lakh crore from service tax.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • The US can no longer take India for granted, as Kerry’s visit shows

    Despite the feel good factor in Indo-US ties, not the least surprising given BJP’s long term support for free market and laissez-faire economy, the

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Urs Schöttli

Why cleanliness is a vital human right

I have spent the past few months in India witnessing ...

Parvez Imam

Tourism agenda with a colonial undertone

Tourism is supposed to bring in foreign exchange and provide ...

Dharmendra Khandal

Let the tiger breathe in its natural home

The world has been observing July 29 as International Tiger ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture