RBI authorizes Karnataka Bank for the collection of Direct and Indirect Taxes

RBI authorizes Karnataka Bank for the collection of Direct and Indirect Taxes

by 5paisa Research Team Last Updated: Apr 13, 2023 - 10:21 am 1k Views
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The bank will be collecting taxes on behalf of CBDT and CBIC  

Authorization for tax collection 

Karnataka Bank has been authorized by the Reserve Bank of India (RBI), for the collection of Direct and Indirect Taxes, on behalf of the Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC), on the recommendation from the Controller General of Accounts (CGA), Ministry of Finance, Govt. of India. Bank customers are already enjoying seamless payments for Custom Duty Payments online, by selecting 'Karnataka Bank' in the Indian Customs Electronic Gateway 'ICEGATE' portal of CBIC.  

The (ICEGA TE) portal of CBIC provides e-filing services to the Trade, Cargo Carriers and other Trading Partners electronically. Now CBIC has implemented new integration for Electronic Cash Ledger (ECL) with the functionality of collection of both tax and nontax receipts for CBIC on behalf of third-party applications through multiple modes of collections and Karnataka Bank is on-boarded for the same. 

Stock price movement 

On Wednesday, the stock opened at Rs 130.90 and touched a high and low of Rs 130.95 and Rs 129 respectively. The BSE group 'A' stock of face value of Rs 10 has touched a 52-week high and low of Rs 168.50 and Rs 57.75, respectively. Last one week high and low of the scrip stood at Rs 132.25 and Rs 128.80 respectively. The current market cap of the company is Rs 4,041.71 crore. 

The Institutions and Non-Institutions held 25.18% and 74.80%, stake in the Bank respectively. 

Company Profile

Karnataka Bank is engaged in providing a wide range of banking & financial services involving retail, corporate banking and para-banking activities in addition to treasury and foreign exchange business. Its products and services include current account, demand, time, cumulative, cash certificates, insurance-linked savings bank deposits, resident foreign currency accounts and senior citizens deposit schemes.  

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