Online Statutory Payment Solution

Customers are now able to pay the below statutory payments using Real-Time Gross Settlement (RTGS) channel of Bangladesh Bank via HSBCnet, HSBC’s online platform.

• VAT on domestic products and services
  • Client’s VAT
  • Supplier’s VAT (VDS – VAT deduction at source)
• Excise duty
• Supplementary duty on domestic services
• Supplementary duty on domestically produced commodities
• Fines and penalties

In order to do the online payment, customers are required to initiate their payment in HSBCnet capturing BIN (client or supplier) and payment details. Upon successful real-time validation of BINs and completion of their payments, customers will receive an SMS containing the challan number (receipt). On the following business day, the challan copy will be emailed to the customers from National Board of Revenue (NBR).

• Transaction completed near real-time through RTGS
• End-to-end automated and online government payment solution
• No physical human interaction for client - great support during pandemic situations
• No need of paper-based instruments
• Near real-time turnaround time versus 2-3 days of existing manual process by Pay Order and physical visits
• Payment receipt and challan number notification through SMS
• Receipt of electronic challan copy through email
• Automated reconciliation with near zero error

• Convenient payment: As payments are done electronically, customers do not need to be physically present at bank premise or at government office. Thus, there is no need of handling paper-based instruments like Pay Order which will eventually reduce cost.
• Complete transaction in real-time: Transactions which used to take 2-3 days of time can now be completed near real-time through RTGS, reducing turnaround time significantly and enabling customers to save time.
• Faster reconciliation: Better and faster reconciliation at client end will facilitate faster and better business decision making.