Want To Pay Taxes Through Your Bank? Here Are Details

Kotak Mahindra Bank became the first scheduled private bank to get approval from the government to collect direct and indirect taxes from its customers. Taxes like Income Tax and Goods and Services Tax can now be collected directly by the bank through its branches.

The Finance Minister, Nirmala Sitharaman, allowed all the banks to participate in the government-related business, helping Kotak Mahindra Bank to achieve the feat.

The account holders of the bank will be allowed to pay their taxes through net banking or the mobile application of KMBL. Apart from this, the customers will also be allowed to pay the taxes through the physical branches of the bank. For digital payments, a process of technical integration will be undertaken by the bank.

Talking to a leading media house, Dipak Gupta, KMBL’s Joint MD 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.”