Many commercial Banks more particularly all public sector banks deal with various Government business products and services. They cater the services for departmentalized Ministerial Accounts of Central Government, and State Governments including Online Tax collection, State government tax collection, Sub-Treasury Transactions of the State Governments, E-Stamping of State Government Stamp Duty collections, National Pension Scheme, Pension Payment (Central Civil, Defence, Railway, Post & Telecom & State Governments) and Government of India Small savings schemes like SCSS, PPF, Sukanya Samriddhi Account Scheme, Mahila Samman Savings Certificate, etc. The details are as follows:
- Income Tax Collection: Payment modes will be available on TIN 2.0 for Direct Tax Payments through internet banking or pay at a bank counter. As of now, a total of 26 banks, including state-owned and private banks, are on board. “Taxpayers of those specific banks will now have to visit the income tax department’s e-filing portal to pay their direct taxes.
- Goods and Service Tax: At present 20 Banks (including some private banks) are authorized by the Government for the Collection of GST.
3. Indirect Tax Collection(CBEC-EASIEST): RBI authorised private and public sector Banks have been collecting payment of indirect taxes like custom duty, Central Exercise Duty Service Tax, etc.
4. State Govt. Tax Collection & State Sub treasury Business. (Some Bank Branches are authorised for different State govt. transactions)
5. Cash Management Service for Railway, Post& Telecommunication (Some Bank Branches are authorised for such services)
6. E-Stamping of Stamp Duty Collection. (Some Bank Branches are authorised for E-Stamping)
7. Pension Payment –Civil, Defence, Railway, Telecommunication and State Govt.: All India Service Pensioners will have the option to draw pension only through the authorised banks i.e. Public Sector Banks and the four authorized Private Sector Banks viz. IDBI Bank Ltd., Axis Bank Ltd., ICICI Bank Ltd. and HDFC Bank Ltd.
8. National Pension Scheme: Axis Bank is empaneled as the sole trustee banker for PFRDA for National Pension Scheme (NPS) collections.
Public sector banks also cater services to various Government Departments.
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