IDBI bank news update
Bank announced that it has received a GST demand order totaling ₹2.97 crore, which includes interest and penalties, for what is claimed to be an excessive availment of input tax credit (ITC). The private sector bank disclosed in a regulatory filing that the Dehradun state tax department issued this order under the GST regulations for the fiscal year 2018-19, alleging both excessive availment and utilization of ITC.
The order specifies a tax demand of ₹1.42 crore, in addition to interest and penalties amounting to ₹1.41 crore and ₹0.14 crore, respectively.
IDBI Bank stated that it is currently assessing appropriate legal options, including the possibility of an appeal, in accordance with the law.
