Corporate Updates – 06-05-2015


DVAT authorities have notified State Bank of Patiala located in the National Capital Territory of Delhi as ‘Appropriate Government Treasury’ for collection of tax, interest, penaltv or any other amount due under the Act or Central Sales Tax Act, 1956 from the dealers registered or liable to be registered under the Act, casual traders, contractees (TAN holders) and any other person in e-payment mode only, in addition to the already notified banks. The Authorisation of State Bank of Patiala, in addition to the RBI’s regulations, shall further be subject to the conditions mentioned in notifications issued by the DVAT.


Reserve Bank with an intention to ease the process of opening of accounts of proprietary concerns has reviewed the requirement of furnishing two documents as activity proof while opening accounts of sole proprietary firms in certain cases. It is possible that in some types of activities there is genuine difficulty in procuring two such documents, in such cases NBFCs would have the discretion to accept only one of those documents as activity proof. It is further clarified that license / certificate of practice issued in the name of the proprietary concern by any professional body incorporated under a statute, as one of the documents to prove the activity of the proprietary concern.

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