IDBI Bank receives GST demand notice for Rs. 2.97 crore

IDBI Bank faces a GST demand of Rs 2.97 crore for excess use of tax credits. The demand includes taxes, interest, and penalties. The bank plans to appeal the order issued by the Dehradoon tax department. The bank's stock price dropped by 3.82% on the BSE.

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.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)