Finance Ministry authorises ICICI Bank to collect GST

Finance Ministry authorises ICICI Bank to collect GST

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New Delhi, Jun 30

ICICI Bank, India’s largest private sector bank by consolidated assets, today announced that it has been authorised by the Ministry of Finance to collect Goods and Service Tax (GST). This service will help business entities including proprietorship firms, partnership firms as well as private and public limited companies to pay GST directly to the government.

According to a press release issued by the bank, the tax payer will be required to generate the challan on the GSTN portal and choose ICICI Bank to make the payment through various digital modes such as its Corporate and Retail Internet Banking platforms, credit & debit cards and RTGS/NEFT facilities. Additionally, any business entity, including those who are not customers of ICICI Bank, will be able to pay GST upto Rs.10,000 per challan at the Bank’s branches across the country. Speaking about the announcement, Chanda Kochhar, MD & CEO, ICICI Bank said, “The Goods & Services Tax (GST) is a transformational structural reform which will have multiple benefits – the creation of a national market; enhanced ease of doing business; greater productivity & efficiency; and improved tax compliance.”

She further said,“All stakeholders are working together for a seamless transition to this new paradigm. We are delighted to have been authorised to extend our technology based services and branches for collection of GST. This initiative is in line with ICICI Bank’s philosophy of ‘Ready For You.Ready For Tomorrow’, wherein we are committed to continuously innovate to serve the needs of our customers.

I believe that this new digital facility coupled with our extensive branch network will offer more convenience to tax payers in fulfilling the national mission of moving to the GST regime.” Additionally, the Bank has tied up with an authorised GST service provider to introduce a facility on its Corporate Internet Banking platform that will enable business entities to file their monthly GST return, online. The new service will be available to customers shortly.

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