Mangaluru, September 29, 2023: Karnataka Bank has enabled the service of collection of Goods and Service Tax (GST) through multiple modes of collections such as Over the Counter (OTC) and through Internet Banking facility on Friday, September 29th.
A media statement said, now all the customers of Karnataka Bank can pay GST at their convenience through Internet Banking facility or through all Branches of the Bank with multiple payment option of Cash/Transfer/Clearing modes within the limits prescribed by the Central Board of Indirect Taxes & Customs (CBIC).
Speaking after the launch, the Managing Director & CEO, Srikrishnan H, said, “this is an important move to improving the overall customer experience and a very critical value addition. While this facility will help all our borrowing customers to route GST payments through our Bank, it will further improve CASA & float. Our Bank is working towards offering a "one-stop" digital solution for all the statutory payments to customers and also to the general public, thereby contributing to digitisation of Govt. Payments”.
Earlier, Karnataka Bank has been authorized by the Reserve Bank of India, for collection of Direct and Indirect Taxes, on behalf of CBDT and CBIC, on the recommendation from the Controller General of Accounts (CGA), Ministry of Finance. Bank Customers are already enjoying seamless payments for Custom Duty Payments through online under Electronic Cash Ledger (ECL), by selecting ‘Karnataka Bank’ in the ‘ICEGATE’ portal of Central Board for Indirect Taxes and Customs (CBIC) after going live on 10.04.2023, the release said.
Sekhar Rao, Executive Director & other top executives of the Bank were present on the occasion.