ICICI Bank has told exchanges it has received a demand order from the Maharashtra Goods and Services Tax (GST) department amounting to more than Rs 7.47 crore. This includes GST and interest demands of more than Rs 3 crore each, along with a penalty of Rs 11 lakh.
The GST audit contends that the bank made a “disallowance of input tax credit (ITC) claimed in GSTR-3B/9 which is not confirmed in GSTR-2A and ITC claimed from registration cancelled supplier.” The department has specified a GST demand of Rs 3,57,91,028, interest payment of Rs 3,78,21,814, and a penalty of Rs 11,17,171. All this cumulates to a total demand exceeding Rs 7.47 crore.
ICICI Bank said it intends to file an appeal against the order.
Read more at: business-standard
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