RBI authorizes Karnataka Bank for the collection of Direct and Indirect Taxes
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.
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.
Start Investing in 5 mins*
Rs. 20 Flat Per Order | 0% Brokerage
About the Author
DisclaimerInvestment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial. Also, The
Open Free Demat Account
By proceeding, you agree to the T&C.
Sahana Systems IPO worth ₹32.74 crore comprises entirely of a fresh issue of shares by the company. The price band has been fixed in the range of ₹132 to ₹135.
- Jun 06, 2023
Infollion Research Services IPO worth Rs.21.45 crore, comprises of a fresh issue and an offer for sale (OFS) by promoters and early shareholders. The price band has been fixed in the range of Rs80 to Rs82.
- Jun 06, 2023
Fill in your details below: