IndusInd Bank has received a demand notice from tax authorities for an alleged short payment of Goods and Services Tax (GST). The total amount demanded, including penalties, is ₹21.62 crore.
Details of the Notice
On Tuesday, the bank informed that it had received an official communication from the Deputy Commissioner of State Tax, Ahmedabad, Gujarat. This demand order is related to various GST-related issues. However, the bank has not specified the exact reasons for the short payment mentioned in the notice.
Financial Impact
The financial impact of this tax demand is ₹21.62 crore, which includes the principal tax amount along with penalties.
Bank’s Response
IndusInd Bank is currently reviewing the demand notice and evaluating its options. The bank has indicated that it may consider filing an appeal against the order.
The development comes as part of routine tax assessments conducted by authorities to ensure compliance with GST regulations. IndusInd Bank has not provided further details on the next course of action but is likely to challenge the demand if it finds merit in doing so.
