UCO Bank has received an order from the Additional Commissioner, CGST, Mumbai South Commissionerate on 06.02.2025, raising GST demand of Rs. 1473,48,27,621/- and equivalent amount of penalty and interest, as applicable, according to the Bank’s regulatory filing.
The order passed by the Additional Commissioner of CGST & CX under section 74 of CGST Act, 2017 relating to FY 2017-18 and 2018-19 relates to alleged short payment of GST and excess availment of Input tax credit.
The bank is likely to challenge the order before an appropriate authority. “The Bank believes that the demand lacks legal merit and will be set aside by the court of appropriate jurisdiction,” UCO Bank said in their regulatory filing.
Source: EL Legal World.com
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