INFORMATION ON PAYMENT TERMS. 1. All payments will be through Electronic Fund transfer (EFT). Vendor has to furnish necessary details as per BHEL standard format (Refer Annexure IV) for receiving all payments through NEFT.(Applicable for Indian vendors only). 2. In case of High Sea Sales transaction, customs clearance of the consignment landed on Indian Sea/Air ports will be done by BHEL based on the original HSS documents provided by vendors. All warehousing charges due to delay in submission of complete and or correct HSS documents to BHEL will be to supplier’s account only. Such recovery will be made out of any of the available bills (Refer Annexure V). 3. Statutory deductions, if any, will be made and the deduction certificate shall be issued. A. In case vendor does not provide PAN details, the TDS deduction shall be at the maximum percentage stipulated as per the provisions of Income Tax Act. In addition to the above, Foreign vendors shall also submit relevant details of their bankers like Swift Code, ▇▇▇▇▇▇’s Name &Address etc. B. TDS deduction as per section 51 of CGST Act,2017 shall be applicable as per Gazette Notification No. 50/2018-Central Tax, Dated: 13th September 2018 and subsequent notification/s, as and when released by Govt. authorities. 4. Incomplete documentation will not be accepted. Delayed submission of invoice / documents may result in corresponding delay in payment. In this connection, request to also refer clause: G about invoicing & payment formalities under GST regime. Applicable documents shall be submitted to the purchaser at the time of execution of supplies/services for availing GST input credits.
Appears in 2 contracts
Sources: Rate Contract, Rate Contract