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Bajaj Finance announced on Monday that it has been issued a show cause notice regarding a GST demand of Rs 342 crore. In a disclosure to the BSE, Bajaj Finance stated that the Director General of GST Intelligence (DGGI), Kochi Zonal Unit, has issued a show cause notice (SCN) alleging that the fixed
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FAQ :
Bajaj Finance has been issued a show cause notice for a GST demand of Rs 342 crore, excluding interest and penalties.
The Director General of GST Intelligence (DGGI), Kochi Zonal Unit, has issued the show cause notice.
The DGGI alleges that the fixed upfront interest collected from customers in B2B transactions should be classified as a fee/service charge and therefore subject to GST.
The GST demand covers the period from July 2017 to March 2024.
No, the Rs 342 crore is the GST amount cited, excluding interest and penalties. The DGGI has recommended a penalty and interest of an equivalent amount.
Bajaj Finance is currently preparing a response to the show cause notice to defend its position.
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