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Thursday, June 13, 2024

ICICI Bank Receives Tax Demand of Rs. 26.8 Crore; Kotak Mahindra Bank Receives Notice of Rs. 62.3 Lakh

<p>The private lender ICICI Bank said on Thursday that it has received a demand notice for Rs 26.8 crore from tax authorities for allegedly not paying enough GST. According to ICICI Bank’s regulatory filing, a demand for Goods and Services Tax (GST) amounting to Rs 24.37 crore along with a penalty of Rs 2.43 crore was served on December 27. According to the Tamil Nadu Goods and Services Tax Act, 2017, Section 73 assesses tax payments.</p>
<p><img decoding=”async” class=”alignnone wp-image-327939″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-icici-bank-receives-tax-demand-of-rs-26-8-crore-kotak-mahindra-bank-receives-notic-750×422.jpg” alt=”theindiaprint.com icici bank receives tax demand of rs 26 8 crore kotak mahindra bank receives notic” width=”1265″ height=”712″ title=”ICICI Bank Receives Tax Demand of Rs. 26.8 Crore; Kotak Mahindra Bank Receives Notice of Rs. 62.3 Lakh 6″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-icici-bank-receives-tax-demand-of-rs-26-8-crore-kotak-mahindra-bank-receives-notic-750×422.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-icici-bank-receives-tax-demand-of-rs-26-8-crore-kotak-mahindra-bank-receives-notic-768×432.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-icici-bank-receives-tax-demand-of-rs-26-8-crore-kotak-mahindra-bank-receives-notic-390×220.jpg 390w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-icici-bank-receives-tax-demand-of-rs-26-8-crore-kotak-mahindra-bank-receives-notic-150×84.jpg 150w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-icici-bank-receives-tax-demand-of-rs-26-8-crore-kotak-mahindra-bank-receives-notic.jpg 850w” sizes=”(max-width: 1265px) 100vw, 1265px” /></p>
<p>Kotak Mahindra Bank also said in a separate regulatory filing that it was sent a GST demand letter on December 27th for Rs 62.3 lakh. The Assistant Commissioner of Central GST and Excise, Government of India, in Cuttack, Odisha, has notified Kotak Mahindra Bank that a total of Rs 57.20 lakh would be levied towards Central Goods and Services Tax (CGST), along with applicable interest and a penalty of Rs 5.1 lakh.</p>
<p>For the 2017–18 and 2018–19 fiscal years, the demand has prevented the Input Tax Credit (ITC) from being used to certain costs.</p>

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