Karnataka Bank enables payment of Direct Tax for its customers

Agencies

Mangaluru, 27 Dec 2023: Karnataka Bank has now enabled the facility of payment of Direct Taxes (Income Tax/Advance Tax) for its customers. Bank is already providing the facility of online remittance through ‘ICEGATE’ portal for Customs Duty Payment and GSTN Portal for Goods and Service Taxes Payments and also Over the Counter mode on behalf of Central Board for Indirect Taxes and Customs (CBIC).

 

 

The development comes after Karnataka Bank was earlier authorized by Reserve Bank of India, on the basis of recommendation of Controller General of Accounts (CGA), Ministry of Finance, for collection of Direct and Indirect Taxes, on behalf of CBDT and CBIC.

 

Speaking on the development, Shri Srikrishnan H, Managing Director & CEO of the Bank said “Post appointment as Agency Bank by Reserve Bank of India (RBI), Karnataka Bank is actively engaged in Government businesses. The Bank has formally launched collections of Direct Taxes (Income Tax/Advance Tax) now whereby all of our customers can pay Direct Taxes (Income Tax/Advance Tax) at their convenience through Internet Banking facility or through any Branch of Karnataka Bank with multiple payment option of Cash/Transfer/Clearing modes within the limits prescribed by the CBDT. This is the beginning of our journey to undertake Govt business that will expand to other Central and State Govt Departments and our digital participation in India stack and the newly developed OCEN & ONDC platforms”.

 

Speaking on the formal launch of the facility, Sri Sekhar Rao, Executive Director of the Bank said, “This initiative reflects our commitment to providing seamless and convenient financial solutions to our customers. Enabling income tax payments through our platform is a significant milestone, enhancing the overall banking experience. We believe this step aligns with our vision of leveraging technology to simplify financial transactions and contribute to the ease of doing business.”