IDBI Bank collects Rs 1.6 lakh cr via tax receipts in FY13

Central and state tax collections received by the bank were up 28% over the previous year

IDBI Bank has been engaged in the collection of Direct and Indirect Taxes of the Central Government and various State Governments.

The Bank collected Rs 1.59 lakh crore in Central and State Taxes during the financial year 2012-13. The tax collected grew by 28 per cent as compared to the last year.

Estimated tax collections of Central Government amount to Rs 10.35 lakh crore, of which Direct taxes are Rs 5.66 lakh crore and Indirect Rs 4.69 lakh crore.  With this, the Direct tax collection has increased by 8 per cent and Indirect tax collection grew 88 per cent compared to last 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 customers, the bank decided to move to multiple challan mode of payment of custom duty, which has since been launched on January 29. Accordingly, customs duty mobilisation saw a quantum jump from Rs.6,956 crore in FY 2011-12 to Rs 22,092 crore in FY 2012-13.

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.