South Indian Bank Launches UPI-based GST Payment Service, Streamlines Tax Compliance
CHENNAI – South Indian Bank (SIB), a leading private sector bank, has announced the integration of its services with the Goods and Services Tax (GST) portal, allowing taxpayers to make payments via the Unified Payments Interface (UPI). The new facility, which is now live on the GST portal, aims to offer a secure, instant, and hassle-free tax payment experience for individuals and businesses.
The launch of the UPI-based service is a significant step in SIB’s broader strategy to bolster its digital government business. As an “Agency Bank” authorized by the Reserve Bank of India (RBI) and the Central Board of Indirect Taxes & Customs (CBIC) for tax collection, the bank already offered GST payments through internet banking and over-the-counter services. The addition of UPI is a key enhancement, leveraging India’s most popular digital payment platform.
“UPI has become the most preferred mode of payment today,” said Biji S.S., SGM & Head of Branch Banking at South Indian Bank. “This integration allows taxpayers, including both our customers and non-customers, to pay GST via UPI through South Indian Bank. With this option, taxpayers can complete their transactions securely and effortlessly from anywhere.”
The move is expected to simplify the tax compliance process, particularly for MSMEs and individual taxpayers who rely on UPI for their daily transactions. By offering a familiar and user-friendly payment option, the bank aims to promote greater digital adoption and contribute to the government’s push for a “Digital India.” The service allows for seamless payments using UPI’s QR code and VPA (Virtual Payment Address) functionalities, ensuring that tax obligations can be met with speed and efficiency.
