Log in
Login
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Equities  >  NATIONAL STOCK EXCHANGE OF INDIA  >  IDBI Bank Ltd    IDBI   INE008A01015

End-of-day quote. End-of-day quote  - 05/05
66.3 INR   -0.67%
05/02 IDBI BANK : SBI, other PSBs yet to raise funds of Rs 22,257 crore fr..
04/23 NO PROPOSAL OF : IDBI Bank
04/19 KINGFISHER AIRL : Non-bailable warrant issued against Mallya
SummaryQuotesChartsNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

IDBI Bank Limited : IDBI Bank Reaches about Rs.1.60 lakh crore mark in Tax Collections in FY 2012-13

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/08/2013 | 02:38pm CEST
For Immediate Publication / Broadcast / Telecast

PR/1203

IDBI Bank Reaches about Rs.1.60 lakh crore mark in

Tax Collections in FY 2012-13

Mumbai, April 8, 2013: IDBI Bank Ltd. with a strong focus on Government Business has been engaged in the collection of Direct and Indirect Taxes of the Central Government and various State Governments. The Bank made an aggregate collection of Rs.1.59 lakh crore in Central and State Taxes during FY 2012 -13 registering an impressive growth of 28% over the previous year. Estimated tax collections of Central Government amount to Rs.10.35 lakh crore, of which Direct taxes are Rs.5.66 lakh crore and Indirect Rs.4.69 lakh crore. IDBI Bank's share in Direct and Indirect Taxes has reached 16% and 11%, respectively. In aggregate, the Bank has crossed Rs.1.42 lakh crore (13.7%) in Central Tax collection. While Direct tax collection has increased by 8%, Indirect tax collection has witnessed robust growth of 88% over last year's collection.

During the year, the Bank had introduced multiple challan payment facility for customs duty through a single e-payment transaction which is a landmark achievement, providing tremendous ease in transactions for tax payers. Accordingly, customs duty mobilisation witnessed a quan tum jump from Rs.6,956 crore in FY 2011-12 to Rs.22,092 crore in FY 2012-13, indicating robust growth of 217%.
As regards the State-level taxes, d uring the current financial year, the Bank has operationalised collection of commercial taxes in the states of Karnataka, Sikkim, Jharkhand and West Bengal. Thus the Bank is now a uthorised for collection of Commercial Tax in 14 States/UTs that include Assam, Andhra Pradesh, Bihar, Jharkhand, Karnataka, Gujarat, Maharashtra, Punjab, Rajasthan, Sikkim, Uttarakhand, West Bengal and UTs of Delhi and Puducherry. The VAT/CST collection from above states/UTs was Rs.16,198 crore as against last year 's collection of Rs.12,125 crore, reflecting a growth of 34%. The Bank is in discussions with other states for their tax collections also.
The Bank has been leveraging its robust technology platform for tax collections through Straight Through Processes (STP). The Bank has thus been facilitating growing tax collections, in a hassle-free manner, and thus complementing the e-governance initiative of Government of India.

About IDBI Bank

IDBI Bank is the youngest, new generation, public sector universal bank that rides on a cutting edge
core banking Information Technology platform. This enables the Bank to offer personalized ban king and financial solutions to its clients through its 10 77 branches and 1 706 ATMs. The Bank had an aggregate balance sheet size of about Rs.2,75,000 crore and total business of about Rs.3,60,000 crore as on December 31, 2012. IDBI Bank's operations durin g the 9 month period ended December 31, 2012 resulted in a net profit of Rs. 1328 crore. The Bank 's operations during the last full financial year (2011-
12) had yielded a net profit of Rs.2032 crore.

All representatives of Print, Wire and Electronic Media

distributed by
share with twitter share with LinkedIn share with facebook
share via e-mail
0
React to this article
Latest news on IDBI BANK LTD
05/02 IDBI BANK : SBI, other PSBs yet to raise funds of Rs 22,257 crore from markets
04/27 IDBI BANK : Amw motors eyes exports
04/24 IDBI BANK : L&t finance-idbi bank deal prospects slim
04/23 NO PROPOSAL OF STAKE SALE TO L&T FIN : IDBI Bank
04/19 KINGFISHER AIRLINES : Non-bailable warrant issued against Mallya
04/19 KINGFISHER AIRLINES : Non-bailable warrant issued against Mallya
04/15 IDBI BANK : Forget postage stamps — these ATMs dispense gov't securities
04/11 IDBI BANK : stake sale: Govt to consult all stakeholders
04/01 IDBI BANK : declared MCLR for one year at 9.45%
04/01 IDBI BANK : announces Marginal Cost of funds based Lending Rate (MCLR)
Advertisement
News chart
Full-screen chart
Income Statement Evolution
More Financials