Central Tax: IDBI crosses Rs 1 lakh mark

Last Updated: Fri, Feb 08, 2013 16:42 hrs

Mumbai, Feb 8 (IBNS) IDBI Bank, a public sector universal bank, said it has crossed Rs.1 lakh crore mark in Central Tax Collections in FY 2012-13.

"IDBI Bank with a strong focus on Government Business has been engaged in the collection of various Direct and Indirect Taxes of the Central Government and various State Governments. In January 2013, the Bank reached a major landmark of Rs. One lakh crore ( total Rs 1.08 lakh crore) in respect of Central tax collection for the current Financial Year thereby repeating the feat achieved during FY 2011-12," said an official release on Friday.

As at the end of January 31, 2013, the bank has surpassed the total tax collection of Rs.1.20 lakh crore, including state taxes as against Rs.1.24 lakh crore collected in the entire previous year.

The bank went live on January 16, 2012 for payment of Customs Duty on pan India basis.

"Considering increased volume of Customs Duty on regular basis and to provide better services to our valued customers, the Bank decided to move to multiple challan mode of payment of custom duty, which has since been launched on January 29, 2013," said the release.

"Under this module, customers would be able to pay upto 25 challans at one go pertaining to any one port. It will not only reduce the time for processing the challans but would also make the payment of customs duty through net banking most convenient for the Bank´s customers.," it said.

More from Sify: