Chandigarh, October 23
The Chandigarh Administration and the Reserve Bank of India (RBI) today signed a Memorandum of Understanding (MoU) to establish a structured system for depositing and managing tax receipts, including the Integrated Goods and Services Tax (IGST). The arrangement aims to improve the monitoring and reconciliation of tax collections and provide a more organised process for managing government receipts.
The MoU was signed by Nishant Kumar Yadav, IAS, Deputy Commissioner-cum-Excise and Taxation Commissioner, Chandigarh, on behalf of the Chandigarh Administration, and Sivakumar Bose, Chief General Manager, Department of Government and Bank Accounts, RBI. Officials from the Excise and Taxation Department and the RBI were present on the occasion.
The agreement provides a formal mechanism for depositing applicable IGST, subject to the payment facilities available to traders, and managing the transfer of tax receipts from the collection system to government accounts.
The arrangement is expected to help the Excise and Taxation Department monitor receipts and available balances more systematically, reconcile tax collections and identify discrepancies through established reporting procedures.
Yadav said, “This MoU with the Reserve Bank of India is an important step towards a more organised and transparent system for managing tax receipts in Chandigarh. Once the payment and reconciliation facilities are in place, it will help the Administration monitor receipts more systematically and make the tax-payment process more convenient and reliable for traders. We thank the Reserve Bank of India for its cooperation in this initiative.”