The shares of Indian Overseas Bank (IOB) slipped 4.4% to an intraday low of Rs 41.63 on the BSE on Monday, March 3, after the company announced that it had received a GST notice from the Deputy Commissioner (ST)-III, Large Taxpayers Unit, Chennai-35 for Rs 699.52 crore.
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The notice also includes a penalty on the company worth Rs 35.26 crore.
“This is to inform that the Bank has received a demand dated February 27, 2025 from Deputy Commissioner (ST)-III, Large Taxpayers Unit, Chennai-35 for GST liability of Rs. 699.52 Crores inclusive of interest and penalty from Annual Scrutiny for the Assessment Year 2020-21.
Read more at: The Economic Times
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