look news india
New Delhi, 07 May (Hindustan Reporter) The Dehradun state tax department has served a notice of GST demand of Rs 2.97 crore, including interest and penalty, to Industrial Development Bank of India (IDBI) for availing higher input tax credit (ITC).
IDBI Bank said in a filing to the stock exchange on Tuesday that the Dehradun State Tax Department has issued an order under the Goods and Services Tax (GST) rules relating to the financial year 2018-19 for the alleged excess benefit and utilization of ITC. In this order, along with a tax demand of Rs 1.42 crore, interest of Rs 1.41 crore and a fine of Rs 14 lakh has also been imposed on the bank.
IDBI Bank said that the bank is considering adopting appropriate legal means including appeal in this matter as per law.