Thursday, May 19, 2022
News

HDFC Bank goes live for customs duty payments

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

Business | January 7, 2022 5:50:45 PM IST
Mumbai (Maharashtra) [India], January 7 (ANI/BusinessWire India): HDFC Bank today announced that its integration with Central Board of Indirect Taxes and Customs (CBIC) ICEGATE platform has gone live. With this, the Bank will offer customers the convenience of directly paying Customs Duty by selecting HDFC Bank. This follows authorisation by the Principal Chief Controller of Accounts of CBIC to collect IGST on import and export of goods and services.

HDFC Bank Ltd. has facilitated both retail and wholesale payments of Customs Duty. With HDFC Bank on board, clients would no longer need to route payments through other bank accounts. This integration also offers the Bank the opportunity to acquire current accounts of customers who bank with others that do not offer this facility. RBI regulations permit opening of current accounts for specific purposes like statutory payments. "Digital payments of customs duty will help improve ease of doing business in India," said Smita Bhagat, Group Head of Government and Institutional Business, Partnership and Inclusive Banking Group Startup Banking, HDFC Bank. "Online custom collection will bring in transparency and efficiency at scale. There is a massive surge in online payments due the pandemic-imposed restrictions and government initiatives like demonetisation, GST, Digital India, and mandatory e-invoicing. HDFC Bank has integrated its system with ICEGATE portal of CBIC to collect custom duty. This will provide a seamless banking experience with best service support."

"At HDFC Bank we have always pioneered partnerships with Government right since when we were appointed as the first agency bank by RBI in 2001 to digitize tax collections. Based on this experience two other banks were inducted in 2003. Today, as the largest private sector agency bank in India for tax collection, we strongly believe that a partnership between the government and private players has the power to transform lives," said Sunali Rohra, Executive Vice President, Government & Institutional Business & Gig Banking, HDFC Bank.

HDFC Bank is the second largest agency bank to Government of India for tax collections - Direct Taxes, and for GST payments. Various state governments have also authorized the bank for different types of collections e.g., stamp duty, registration fees. It is also integrated with the Government's GeM Portal for accepting Caution Money Deposit for procurement through the portal. The Bank processes about 10 per cent of total DBT payments to the beneficiaries of various government schemes like MGNREGA, PMAY, and PMSKY.

This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article. (ANI/BusinessWire India)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
Tanla platforms appoints TRAI veteran Su...
Odisha Govt extends 'Mission Shakti' sch...
Mtalkz to host an event on 'The Art of L...
Ulaganayagan Kamal Haasan reveals the Vi...
CAMPCO sweetens business performance wit...
HarperCollins presents STARTUP COMPASS: ...
More...
 
INDIA WORLD ASIA
Delhi Shocker: 13-yr-old raped by 8 peop...
Ex-SI of RPF gets 3-yr RI for bribe...
Little overnight rainfall brings relief ...
Man-made highlands to save animals durin...
Panic over essential items as key NE rai...
Bihar cop found drinking inside police s...
More...    
 
 Top Stories
President Kovind, Prime Minister Ra... 
8th edition of SHRM India HR Tech c... 
Jr NTR announces his next project o... 
Israel doctors go on strike over vi... 
OYO announces a free stay after 5 n... 
India's Ambassador meets Comoros's ... 
KTR holds series of meetings with t... 
KTR meets GSK Consumer Health head,...