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IDBI to collect VAT, other taxes
Special Correspondent
NEW DELHI:
IDBI, having taken IDBI Bank into its fold, will now be in the business of collecting taxes from assesses in Delhi and other States.
Apart from collecting the Value-Added Tax (VAT), which is now operational in 21 States, IDBI has been authorised to collect other taxes such as the Central sales tax (CST), works contract tax, luxury tax and entry tax on motor vehicles in Delhi, the IDBI Commercial Banking head, D. C. Jain, said here on Tuesday.
In its bid to expand government business in a big way, the bank, apart from handling such business in Gujarat, Uttaranchal and Punjab, is talking to the State governments of Maharashtra and West Bengal.
Handling government business, Mr. Jain said, included such jobs as collection of income-tax, corporation tax, excise duty, service tax, wealth tax, dividend distribution tax and securities transaction tax.
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