HDFC bank starts online custom duty payment facility
January 10, 2022
HDFC Bank’s integration with Central Board of Indirect Taxes and Customs (CBIC) ICEGATE platform has gone live, permitting clients to pay for their customs duty directly through the bank. With this, the bank will offer clients the convenience of directly paying custom duty by selecting HDFC Bank, the lender said on Friday.
This follows authorization by the Principal Chief Controller of Accounts of CBIC to gather IGST on import and exports of goods and services.
HDFC Bank said it has worked with both retail and wholesale payments of customs duty.
With HDFC Bank ready, customers would don’t really have to course payments through other bank accounts. This reconciliation likewise offers the bank the chance to gain current records of clients who bank with others that don’t offer this facility, it said in a release.
RBI guidelines grant opening of current accounts for specific purposes like statutory payments.
“Digital payments of customs obligation will help improve ease of doing business in India,” said Smita Bhagat, Group Head of Government and Institutional Business, Partnership and Inclusive Banking Group Startup Banking, HDFC Bank.