IDBI Bank disclosed that it has received a GST demand order of Rs 2.97 crore, including interest and penalty, for alleged excess availment of input tax credit (ITC). The order, issued by the Dehradun state tax department for the 2018-19 fiscal year, comprises a tax demand of Rs 1.42 crore, along with interest and penalty of Rs 1.41 crore and Rs 0.14 crore, respectively. The bank stated that it is assessing suitable legal options, including filing an appeal, in accordance with the law.
IDBI Bank on Tuesday said it has received a GST demand order of Rs 2.97 crore along with interest and penalty for alleged excess availment of input tax credit (ITC). In a regulatory filing, the private sector bank said the Dehradoon state tax department has issued an order under the GST rules pertaining to 2018-19 fiscal for alleged excess availment and utilisation of ITC.
The order includes a tax demand of Rs 1.42 crore as well as interest and penalty of Rs 1.41 crore and Rs 0.14 crore, respectively.
“The bank is evaluating appropriate legal remedy, including appeal, as per law,” IDBI Bank said.
Shares of IDBI Bank were trading at Rs 85.41, down 3.82 per cent over previous close on the BSE.
