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 the National Board of Revenue (NBR), according to a press release.
NBR has been continually trying to digitalise the payment processes from a manual structure to a hassle-free online payment structure. Keeping that in mind, HSBC introduced the online statutory payment solution, partnering with the NBR along with the Bangladesh Bank. With the help of this online payment system, transactions can be carried out more efficiently, and it will provide convenience and faster service to the clients.
Previously, statutory payments were being collected manually 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 in near real-time through the 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 to visit 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 a challan number (receipt) promptly through SMS. The challan copy will be emailed to the client on the next day.
HSBC is one of the few banks that started an online statutory payment solution for collecting government payments in Bangladesh. The multinational bank has always been prioritising its clients and trying to give them the best service possible through the adaption of new, convenient technologies.