The Hongkong and Shanghai Banking Corporation (HSBC) Bangladesh has established a smooth online statutory payment processing solution for VAT (Value added tax), VAT Deduction at Source (VDS), Excise Duty, Supplementary Duty and Penalties payments in association with National Board of Revenue (NBR).
HSBC introduced the online statutory payment solution partnering with NBR along with Bangladesh Bank, according to a press release.
Statutory payments were being collected manually before through paper based instruments like Pay Order which required clients to wait for several days.
However, due to the introduction of this online system, businesses and organisations will be able to complete their statutory payments online through HSBCnet easily and securely. Transactions will be completed near real-time through Real Time Gross Settlement (RTGS) of the central bank.
Through HSBC’s online platform HSBCnet, businesses and organisations will be able to easily pay their VAT, VDS, Excise Duty, Supplementary Duty and Penalties electronically without the need of visiting banks or government offices physically.
This automated end-to-end process will significantly reduce the time of processing too. The online payment process is very simple and intuitive which enables multiple BIN (Business Identification Number) validations in real-time.
Upon successful payment, clients will receive challan no. (receipt) promptly through SMS. The challan copy will be emailed to the client on the next day.