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ICICI Bank Challenges ₹24.37 Crore Demand Notice with ₹2.43 Crore Penalty in Tamil Nadu In a recent development, ICICI Bank revealed that it has received a demand notice from the Tamil Nadu Goods and Services Tax (GST) Department amounting to ₹24.37 crore, accompanied by a penalty of ₹2.43 crore. The notice, issued under Section 73 of the Tamil Nadu Goods and Services Tax Act, 2017, has prompted the bank to swiftly announce its intention to file an appeal against the order. According to a
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FAQ :
ICICI Bank has received a GST demand notice amounting to ₹24.37 crore, along with a penalty of ₹2.43 crore.
The demand notice was issued by the Tamil Nadu Goods and Services Tax (GST) Department.
Kotak Mahindra Bank faces GST orders totalling ₹57.20 lakh, with an additional penalty of ₹5.1 lakh.
The orders were issued by the assistant commissioner of central goods and service tax (GST) and excise, stationed at Cuttack, Odisha.
Kotak Mahindra Bank is challenging the disallowance of input tax credit (ITC) on certain expenses from the financial years 2017-18 and 2018-19.
Both ICICI Bank and Kotak Mahindra Bank shares ended the trading day on a positive note, with ICICI Bank up 0.36% and Kotak Mahindra Bank up 0.91%.
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