Karnataka Bank has introduced an effortless and convenient way for its customers to pay Goods and Service Tax (GST). Customers can now avail this service through multiple channels, including Over the Counter (OTC) and the bank’s Internet Banking facility. This initiative empowers all Karnataka Bank customers to pay GST with ease, either via Internet Banking or at any of the bank’s branches, offering diverse payment options such as Cash, Transfer, and Clearing modes, all within the prescribed limits set by the Central Board of Indirect Taxes & Customs (CBIC).

Previously, Karnataka Bank received authorization from the Reserve Bank of India to collect both Direct and Indirect Taxes on behalf of the Central Board of Direct Taxes (CBDT) and CBIC. This endorsement was granted based on recommendations from the Controller General of Accounts (CGA) under the Ministry of Finance. Customers have already been relishing seamless online Custom Duty Payments via the Electronic Cash Ledger (ECL) by selecting ‘Karnataka Bank’ within the ‘ICEGATE’ portal of the Central Board for Indirect Taxes and Customs (CBIC), following its go-live date on April 10, 2023.

Srikrishnan H, Managing Director & CEO of Karnataka Bank, emphasized the significance of this development, stating, “This is an important move aimed at enhancing the overall customer experience and delivering a critical value addition. Our facility will enable our borrowing customers to streamline their GST payments through our bank, ultimately boosting CASA (Current Account Savings Account) and float. Karnataka Bank is committed to providing a comprehensive digital solution for all statutory payments, benefiting both our customers and the general public, thereby contributing to the government’s digitization efforts in payments.”

With this customer-centric approach, Karnataka Bank is paving the way for hassle-free GST payments, offering a seamless and efficient platform for both individuals and businesses. Stay tuned for more updates as the bank continues to innovate and simplify financial transactions.

  Banking industry news, GST, India, Karnataka Bank, Srikrishnan H