Custom House Brokers, Exporters and Importers, Shipping Line Agents, Transshippers, Ports, ICDs, CFSs can make their payment through the online portal and validate through Net Banking.
Custom duty is a type of tax levied on goods that are imported or exported.
Private sector Karur Vysya Bank said on Tuesday that customers will be able to pay their Custom Duty directly through the ICEGATE platform. The Central Board of Indirect Taxes and Customs (CBIC) has recently approved the bank to collect taxes. The Tamil Nadu bank said on Tuesday that the bank’s customers will be able to pay their customs duty through the Indian Customs Electronic Gateway portal of CBIC. The CBIC had earlier approved the inclusion of the bank as one of the authorized bankers for collection of taxes.
Bank’s Managing Director and Chief Executive Officer (CEO) B Ramesh Babu said in a statement, customers can now pay their customs duty directly by selecting KVB at ICEGATE. Custom House Brokers, Exporters and Importers, Shipping Line Agents, Transshippers, Ports, ICDs, CFSs can make their payment through the online portal and validate through Net Banking.
what is custom duty
Custom duty is a type of tax levied on goods that are imported or exported. When any goods come into India from abroad, then many types of duties are charged on it. Custom duty is used by countries to increase their revenue. Its rate varies according to each item.
In such a situation, import duty is divided into basic duty, additional custom duty, actual counterprevailing duty, protective duty, education cess and security duty.
Income tax, corporate tax can also be deposited
Last year RBI authorized Karur Vysya Bank to collect direct tax on behalf of CBIC. Customers of Karur Vysya Bank can submit their Direct Taxes through any branch of the Bank, Net Banking and DLite Mobile App.
Let us tell you that last month, KVB reduced its base and benchmark prime lending rates (BPLR) to 7.75 and 12.75 per cent respectively. According to the bank, the new rates are applicable on December 15, 2021. The bank will reduce its base rate by 0.25 percent to 7.75 percent and BPLR was also cut by 0.25 percent.
Last week, ICICI Bank introduced the facility of online payment of customs duty for its retail and corporate customers. According to the information released by the bank, retail and corporate customers can easily pay the customs duty from home i.e. online. This new feature has started. Corporate customers can pay customs duty through the Bank’s Corporate Internet Banking (CIB) and mobile banking app InstaBiz. At the same time, retail customers can do this through the internet banking platform of the customer bank.