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IDBI Bank reaches about Rs 1.60 lakh crore mark in tax collections in FY2012-13

09 Apr 2013 Evaluate

IDBI Bank has made an aggregate collection of Rs 1.59 lakh crore in Central and State Taxes during FY2012-13 registering an impressive growth of 28% over the previous year. The 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.

The bank’s share in Direct and Indirect Taxes has reached 16% and 11%, respectively. In aggregate, the bank has crossed Rs 1.42 lakh crore (13.7%) in Central Tax collection. While Direct tax collection has increased by 8%, Indirect tax collection has witnessed robust growth of 88% over last year’s collection.

The bank had introduced multiple challan payment facility for customs duty through a single e-payment transaction which is a landmark achievement. The bank has also been leveraging its robust technology platform for tax collections through Straight Through Processes (STP).

IDBI Bank, riding on cutting edge core banking information technology platform, offers 24x7 internet banking facility for pan India payments of direct taxes, excise duty, service tax and customs duty which has enabled itself to be the first choice of many taxpayers. The bank with a strong focus on Government Business has been engaged in the collection of Direct and Indirect Taxes of the Central Government and various State Governments.

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