Do you ever heard about the term “Cyber Treasury”? What is the use of its, and its different types? If you don’t have any idea about this but willing to know in detail you are at right place. We will give you in detail information about your and best possible knowledge on this topic.
Let’s understand to understand in detail:
What Cyber Treasury is?
Technology is playing a very major role in today’s lifestyle. It is a part of advanced technology that makes many processes smooth and easy. For Instance, information technology has made the tax collection process more smoother with the initiation of the cyber treasury in the market. It has eliminated the need to stand in long queues in the torching sun or in irritating crowds.
It is an online facility used to make online payments to the state government. This provision is currently available for all of the departments of the government. Today many of the leading banks like SBI Bank, UBI, CBI, PNB, Axis Bank, ICICI Bank, Allahabad Bank, Bank of Maharashtra, Dena Bank, Bank of Baroda, and IDBI Bank offer this prestigious facility. You can forward your payment only through your internet banking account and debit card from SBI Bank. It is of three types AP, TS , TG .
What are the Different Uses of Cyber Treasury?
Commercial tax department accepts payments from cyber treasury such as :-
- Luxury tax
- Professional tax
- Entry tax
- Central sales tax.
The only limitation to this payment is that you can pay up to 20.00 hours on weekdays. But there are a lot of benefits if you talk about this system which includes:
- It is an easy to use methodology.
- Its hassle-free nature
- Easy payment options are available.
- It also sends a confirmatory text after the process is successful.
Now, Understand the different types of Cyber Treasury:
1. AP Cyber Treasury
All the information related to account bills and taxes of the state government is managed by the AP cyber treasury. The finance department of AP treasury is also responsible for complying with all AP government’s economic plans.
2. TS Cyber Treasury
TS Cyber Treasury works under the Finance Department of the Network Treasury Secretariat’s administrative management, and its head in charge is the head of treasury and accounting. The main purpose behind their functioning is that all the transactions must go smoothly without the risk of any hacking or any fraud.
3. TG cyber treasury
TG cyber treasury stands for Telangana cyber treasury facility initiated in the state for safe and online transactions. There are many things to pay attention to. After a successful transaction, you will get a confirmation message. You will receive a CIN ( Invoice number) with the unique ID after you made the successful transaction.
With the unique invoice number (CIN) you can use the Challan search tool on www.mptreasury.org for further verification until the next day. To get more clarity you can also check the bank details to verify transactions.
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