IDBI Bank collects Rs 1 lakh cr of central tax

Public sector lender IDBI Bank today said it had collected Rs 1 lakh crore of central tax through its network in the current fiscal.

"IDBI Bank has achieved the landmark of Rs 1 lakh crore in respect of collection of central taxes during 2011-12. The Bank's present collection of direct taxes has been over 16% of the government's revised target," it said in a release.

The Centre, which had initially estimated direct tax collections at Rs 5.33 lakh crore, later revised to Rs 5.8 lakh crore for the current financial year.

The public sector lender also said it had gone live on January 16, 2012 in providing online duty payment services in respect of customs duty across the country.

"With this development, taxpayers are now in a position to route all of their central taxes and duties payments through IDBI Bank, making the bank an important agent in their pursuit of partnering the government in pushing online payments and enhancing the tax contribution," the bank said.

Source: Business Standard