IDBI Bank reaches about Rs1.60 lakh crore mark in tax collections
IDBI Bank ltd 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. The bank made an aggregate collection of Rs1.59 lakh crore in central and state taxes during FY 2012-13 registering an impressive growth of 28 per cent over the previous year. Estimated tax collections of central government amount to Rs10.35 lakh crore, of which direct taxes are Rs5.66 lakh crore and indirect Rs4.69 lakh crore. IDBI Bank’s share in direct and indirect taxes has reached 16 per cent and 11 per cent, respectively. In aggregate, the Bank has crossed Rs1.42 lakh crore (13.7 per cent) in central tax collection. While direct tax collection has increased by eight per cent, indirect tax collection has witnessed robust growth of 88 per cent over last year’s collection.
During the year, the bank had introduced multiple challan payment facility for customs duty through a single e-payment transaction, providing tremendous ease in transactions. Accordingly, customs duty mobilisation witnessed a quantum jump from Rs6,956 crore in FY 2011-12 to Rs22,092 crore in FY 2012-13, indicating robust growth of 217 per cent.
As regards the state-level taxes, during the current financial year, the bank has operationalised collection of commercial taxes in the states of Karnataka, Sikkim, Jharkhand and West Bengal.