IDBI Bank gets Rs 2.97 crore GST demand order

May 7, 2024 by Pooja Gupta

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IDBI Bank on Tuesday said it has received a GST demand order of ₹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 ₹1.42 crore as well as interest and penalty of ₹1.41 crore and ₹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 ₹85.41, down 3.82 per cent over previous close on the BSE.

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Pooja Gupta

CA Pooja Gupta (CA, ISA, M.com) having 15 years of experience. Educator and Digital Creator

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