HDFC Bank goes live for customs duty payments
Premium- HDFC Bank said it has facilitated both retail and wholesale payments of customs duty and clients would no longer need to route payments through other bank accounts.
Mumbai: HDFC Bank on Friday announced that its integration with the Central Board of Indirect Taxes and Customs (CBIC) ICEGATE platform has gone live.
With this, the bank will offer customers the convenience of directly paying customs duty by selecting HDFC Bank. This follows authorization by the Principal Chief Controller of Accounts of CBIC to collect IGST on import and export of goods and services.
HDFC Bank said it has facilitated both retail and wholesale payments of customs duty and clients would no longer need to route payments through other bank accounts.
This integration also offers the bank the opportunity to acquire current accounts of customers who bank with others that do not offer this facility, it said.
“Digital payments of customs duty 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 at HDFC Bank.
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“Online custom collection will bring in transparency and efficiency at scale. There is a massive surge in online payments due the pandemic-imposed restrictions and government initiatives like demonetization, GST, Digital India, and mandatory e-invoicing. HDFC Bank has integrated its system with ICEGATE portal of CBIC to collect custom duty. This will provide seamless banking experience with best service support," said Bhagat.
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