CUDDALORE: The State Bank of India has introduced an e-payment service for remitting commercial taxes (value-added tax) online by the trade and business community.
This system will speed up tax payment and save time for businessmen as well as officials, according to A. Shanmugam, Assistant General Manager (Government section), Local Head Office, Chennai.
He was speaking at a workshop on “e-payment of taxes” in which about 100 businessmen participated.
Mr. Shanmugam said that ever since the e-payment system was introduced in September by the SBI, the State government realised Rs. 1,200 crore of the monthly total VAT revenue of Rs. 2,500 crore.
This provision, which was compulsory for business with an annual turnover exceeding Rs. 200 crore, was open to all commercial ventures. At present, the facility could be accessed only through the SBI website, onlinesbi.com.
Mr. Shanmugam said that this facility would be available round the clock and its salient feature was that an acknowledgement receipt could be generated immediately on making payment.
For availing themselves of the e-payment option, dealers would have to obtain the prior approval of Commercial Tax Department, which could also be done online and open a current account with any of the bank’s branches.
The bank would provide the user ID and password, he said.
Suresh Johnson, Regional Manager, SBI, Puducherry region, said that the bank was introducing new services for the benefit of customers. Sakthivel, Deputy Commissioner, Commercial Tax Department, and Sundararajan, Chief Manager, SBI, spoke.