Axis Bank is the first private sector bank authorized by the Reserve Bank of India (RBI) and Government of India to collect taxes on behalf of the State Governments. Since 1 October 2003, Axis Bank has been able to handle all Central Government Business and State Government Business. This started initially on 1 July 2001 when Axis Bank was first appointed for the Collection of Commercial Taxes in the twin cities of Hyderabad and Secunderabad for the Government of Andhra Pradesh.
By virtue of this authorization, Axis Bank is now able to conduct the following Government Business Solutions
- Collection of Direct Taxes on behalf of Central Board of Direct Taxes (CBDT)
- Collection of Indirect Taxes on behalf of Central Board of Excise & Customs (CBEC)
- Disbursement of Central Government Pensions
- Expenditure-related Payments of Central Govt. Ministries or Departments
- State Govt. Business including Collection of State Taxes based on the recommendation of individual States
