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Kotak Mahindra Bank receives approval for Collection of Direct and Indirect Taxes



Posted On : 2021-10-12 22:36:06( TIMEZONE : IST )

Kotak Mahindra Bank receives approval for Collection of Direct and Indirect Taxes

Kotak Mahindra Bank Limited (KMBL) today announced that it has received approvals from the Government of India for the collection of direct and indirect taxes such as Income Tax, Goods and Services Tax (GST) etc through its banking network. With this, KMBL becomes the first Scheduled Private Sector Bank to receive approval after the announcement by Hon. Finance Minister Smt Nirmala Sitharaman allowing all banks to participate in government-related business.

After technical integration, KMBL customers will be able to pay their direct and indirect taxes straight from KMBL's mobile banking or net banking platforms as well as through KMBL's branch banking network, resulting in immense ease and convenience for customers.

Dipak Gupta, Joint Managing Director, Kotak Mahindra Bank said, "We are delighted to receive the necessary approvals permitting Kotak to collect direct and indirect taxes on behalf of the government, making tax payments more simple, convenient and efficient for our customers. We look forward to a long-standing relationship with the government, providing a wide range of services, backed by our strong technology platform, digital capabilities and customer-first approach."

Shares of Kotak Mahindra Bank Limited was last trading in BSE at Rs. 1994.15 as compared to the previous close of Rs. 1975.15. The total number of shares traded during the day was 29222 in over 1839 trades.

The stock hit an intraday high of Rs. 2003.00 and intraday low of 1965.00. The net turnover during the day was Rs. 58165897.00.

Source : Equity Bulls

Keywords

KotakMahindraBank INE237A01028 KOTAKBANK Banks IndirectTax IncomeTax GST BankingNetwork