THE PAN India e-auction of tea has reportedly been deferred till June 23 after running into “post settlement issues”. It was initially scheduled to begin from June 21.
An official of the Tea Board of India said, “The e-auction was deferred as there were some post settlemement issues pending before the state VAT authority. Industry players have sought clarification regarding the same.” Explaining the nature of the glitch, a source said: “Under the existing Centre specific e-auction, there are two settlement bankers — SBI and IndusInd Bank. The new system has one settlement banker, the Bank of India.”
“Industry players have sought clarifications on VAT and input tax credits and also asked that the process to pay challans be redesigned.” he added.
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The board, in a statement, said the post-settlement part of the auction would be implemented shortly after carrying out certain modifications in the system according to the feedback received from stakeholders.
Industrialists said they have requested for a common settlement account, instead of a single bank account, which has
been acknowledged by the Tea Board.
“The pan India e-auction process will start from June 23 in all auction centres as per the new module. But the post-settlement banking operation will be done according to the existing process,” said an official.