What changed
RBI, in consultation with CBEC, set the cut-off time for e-payments of government revenue to 8:00 PM. Payments received after this time will be considered as received on the next working day. Banks must now include the date and time of transaction on cyber receipts issued under EASIEST.
What it means for you
Banks need to update their systems to process e-payments up to 8 PM as same-day receipts for government revenue. This change affects how delayed remittances and penal interest are calculated. Including date and time on cyber receipts is critical to avoid legal challenges under Central Excise Rules.
What you must do
- Update internal cut-off timings for government revenue e-payments to 8:00 PM.
- Ensure all cyber receipts under EASIEST include the date and time of transaction.
- Communicate these changes to all relevant branches and staff.
- Align remittance and penal interest calculations with the new 8 PM cut-off.
Who it affects
Nominated banks handling government revenue e-payments, Branches of State Bank of India, its associates, and other listed banks, Taxpayers and assessees using e-payment for excise and customs
What is the new cut-off time for e-payments of government revenue?
The cut-off time is 8:00 PM. Payments received up to 8 PM are treated as received on that day; after 8 PM, they are considered received on the next working day.
Why must cyber receipts include date and time?
To avoid legal issues regarding the date of payment credit under Central Excise Rules, 2002. The date and time help establish when the payment was made, similar to the rule for cheque/draft presentation.
Does this apply to CBDT e-payments?
No, instructions for CBDT e-payments will be issued separately. This circular specifically addresses CBEC-related payments.