Mumbai, June 30: Private sector bank ICICI was on Friday authorised by the Narendra Modi government to collect Goods and Services Tax (GST) which comes into effect from midnight today. This means that businesses including private and public sector companies, as well as proprietorship and partnership firms will be able to file taxes directly, using the net banking services of ICICI.
Announcing the news, ICICI Managing Director Chanda Kochar said, “We are delighted to have been authorised to extend our technology based services and branches for collection of GST.” A press release about the same said that effective tomorrow, any business entity will be required to generate a challan through the GSTN portal and can then use ICICI bank to make the payment.
Businesses and traders can use any of the various digital modes of ICICI bank, including Corporate and Retail Internet Banking platforms, credit & debit cards and RTGS/NEFT facilities, said the release. Moreover, for some one to be able to pay GST through ICICI bank’s services, they don’t need to be a customer of the bank. GST of upto Rs 10,000 per challan can be paid, at any of the bank’s branches across the country. This new service will become active shortly, added the release.
ICICI has also tied up with an ‘authorized GST service provider’ to introduce a facility on its Corporate Internet Banking platform, to allow business entities to file their monthly GST returns online. ICICI bank has been proactively taking steps to spread awareness about the unifying tax law that will replace all other indirect taxes. These include organizing workshops and webinars (web seminars) on GST, for several months now and in a number of cities.
The law will be officially launched in the Parliament in a midnight session, from the historic Central Hall. Prime Minister Narendra Modi will launch GST, in the presence of President Pranab Mukherjee, Vice-President Hamid Ansari, former Prime Minister HD Deve Gowda, Lok Sabha Speaker Sumitra Mahajan, among others. Former Prime Minister Manmohan Singh was invited too, but since the Indian National Congress (INC) has decided to boycott the event, he will not attend.