 IndusInd Bank Gets Rs 21.62 Crore GST Demand Notice

IndusInd Bank has received a Rs 21.62 crore GST demand notice from tax authorities, citing alleged short payment. The bank confirmed the notice in a regulatory filing.

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The Deputy Commissioner of State Tax, Ahmedabad, issued the notice. It includes principal tax liability and penalties related to GST compliance issues.

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The bank is assessing the financial impact of the demand. If not resolved, the payment could affect its financials, adding regulatory and compliance challenges.

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IndusInd Bank plans to appeal against the order. If successful, the demand might be overturned, delaying any immediate financial burden on the bank.

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This case highlights the complexities of GST compliance in the banking sector. Other financial institutions may also reassess their tax obligations.

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Market experts are closely monitoring the case. The final resolution depends on regulatory developments and the bank’s legal strategy in the coming weeks.

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