Now, pay GST directly on the portal without stepping out of your home

Kotakbank It is the first scheduled private sector bank to be integrated after the Center last year allowed all banks to participate in government business.

Deepak Gupta, Joint Managing Director, Kotak Mahindra Bank said, “Providing a seamless banking journey to the customers is in the DNA of Kotak. Kotak is available as a payment partner GST The portal will benefit all our current account, corporate and business banking customers. The integration of Kotak Net Banking on the GST Portal ensures quick, easy and convenient payments for our customers.”

Recently, the bank announced its integration with the new Income Tax Department portal and also went live on the Indian Customs Electronic Gateway (ICEGATE). Thus KMBL has become the payment partner for both direct and indirect taxes.

Last year, in October, Kotak had said it became the first scheduled private sector bank to get approval as a tax collection partner, after the government decided to allow all banks to carry on their business.

Kotak Bank shares closed on BSE 1831 down by each 4.10 or 0.22%. Shares have touched intraday highs and lows 1849.50 each and 1823.65 each respectively.

The market valuation of the bank is close to 3,63,533.02 crore on Dalal Street.

In Q1FY23, Kotak Bank’s net profit climbs 32% 1,642 crore as compared to 1,244.4 crore in the corresponding quarter of the last financial year. Net interest income (NII) rose by 5.8% 3,941.8 crore as against 3,723.8 crore year-on-year (YoY). The private lender’s net interest margin (NIM) for Q1FY22 stood at 4.60%.

Kotak Bank has four strategic business units – Consumer Banking, Corporate Banking, Commercial Banking and Treasury, which cater to retail and corporate customers in urban and rural India.

As of June 20, 2022, the bank has 1,702 branches and 2,761 ATMs, and branches in GIFT City and DIFC (Dubai).

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