Punjab News- Facility of depositing advance tax through internet banking provided: ETC Punjab

Patiala, October 4, 2013: Anurag Verma, Excise and Taxation Commissioner, Punjab informed today that just like the dealers used to do in the case of Entry Tax, they will be able to deposit the Advance Tax at the Information Collection Centres.
Verma added that for the convenience of the dealers, a new provision has been made, so the dealers can deposit the advance tax in the office of the AETC of the District. Going a step ahead, the facility of depositing advance tax through internet banking has also been provided.
Verma said that if a dealer frequently imports goods into the State, he may deposit a lump-sum of Advance Tax in the office of the AETC. For this purpose the dealer may make payment through Challan in the form VAT 2 under the sub-head ‘Advance Tax’ (0040-00-111-01).  Once a dealer has made the payment in the Treasury in the above sub-head, he will present the receipt at the front window at the AETC office. The AETC office will immediately enter the amount of Advance Tax into the credit of the dealer, in the computer system. Thereafter, whenever the dealer presents any goods at any ICC, the system will automatically work out the Advance Tax due and deduct that amount from the lump-sum already deposited by the dealer. The dealer/driver will be given a receipt showing the advance tax deducted on account of that import.
Verma said that in order to make the facility of payment of Advance Tax 24x7, the Department has developed a software and has tied up with following seven banks - ICICI bank, HDFC bank, Punjab National Bank, Kotak Mahindra, Axis Bank, Bank of Baroda, Canara Bank. For availing this facility, the dealer may visit the website of the department www.pextax.com and open the VAT 2 Challan and fill up the details in the sub-head “Advance Tax” (0040-00-111-01). The dealer can do so either through his log-in or through the facility of open payment. After the Challan details are filled, the dealer or the person making the payment will be routed to the bank website where he can make the payment of the advance tax. His ledger with the Department will be updated post successful transaction. Thereafter, whenever the dealer presents any goods at any ICC, the system will automatically work out the Advance Tax due and deduct that amount from the lump-sum already deposited by the dealer.