The private sector IDBI Bank was issued GST demand order of Rs 2.97 crore along with interest and penalty for alleged excess availment of input tax credit (ITC) on Tuesday. The private sector bank issued an order under the GST rules pertaining to 2018-19 fiscal for alleged excess availment and utilisation of ITC.
The tax demand order includes a tax demand of Rs 1.42 crore with 1.41 crore interests and Rs 14 lakhs penalty. “The bank is evaluating appropriate legal remedy, including appeal, as per law," stated IDBI Bank in regulatory filing.
The bank disclosed in compliance with regulatory obligations the GST tax demand and assessing suitable legal options, including filing an appeal in accordance with the law.
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