SBI branches now accept GST challans over the counter
State Bank of India (SBI) has launched a facility that enables taxpayers to pay GST (goods and services tax) through internet banking or via credit/debit cards. This was said by India's largest bank SBI on microblogging site Twitter. SBI branches also accept GST challans over the counter from July 1 - the day the new indirect tax regime became a reality. State Bank of India chairperson Arundhati Bhattacharya had announced her bank's "GST readiness" in a statement on June 30.
The banking major offers payment of GST online through the modes of internet banking and SBI debit cards. "GST up to Rs 10,000 can also be deposited in cash/cheque/draft at our 25,473 branches across the country," Ms Bhattacharya has said.
"So, pay online from the comfort of your home/office or visit your nearest branch to pay GST," the SBI chief added.
Introduced in the run-up to the historic midnight launch of GST as "one nation, one tax", GST subsumes over a dozen of central and state levies. These include sales tax, service tax, VAT or value-added tax, excise duty and octroi. Traders, manufacturers and service providers alike are studying the implications on billing and pricing under the new system.
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The mechanics of GST)
Many auto makers and retailers have announced price cuts after GST. Some of these companies include India's largest carmaker Maruti Suzuki FMCG major Hindustan Unilever Limited (HUL), hypermarket Big Bazaar, and fashion portal Myntra (part of online retailer Flipkart).
In another post on Twitter, SBI quoted a customer making GST payment through the bank's internet banking "shortly after midnight" as saying: "Thank you SBI for making GST so simple."