Shares of Kotak Mahindra Bank slipped 0.7 percent to Rs 1,752.55 in early trade on November 20 after the Maharashtra GST department slapped a penalty of around Rs 35 lakh.
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On November 18, the Department of Goods and Service Tax under the Government of Maharashtra levied an amount of Rs 34,99,796 towards Goods and Services Tax (GST) and interest on Kotak Mahindra Bank.
The GST department also added a penalty of Rs 1,64,936 for the alleged excess claim of GST credit and non-payment of GST under reverse charge in certain instances during the assessment period July 2017–March 2018.
Read more at : moneycontrol
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