GST Demand Notice: ICICI Bank has received a demand notice of Rs 26.8 crore from GST officials for alleged short payment of tax. In the information given to the stock market, ICICI Bank said that it received a GST Demand Notice of Rs 24.37 crore along with a penalty of Rs 2.43 crore on December 27.
GST Demand Notice: The time given to Goods and Services Tax (GST) authorities to issue demand notices for irregularities in returns for financial years 2018-19 and 2019-20 has been extended. The government has extended the deadline in this regard to 30 April 2024 for the financial year 2018-19 and to 31 August 2024 for the financial year 2019-20. Information in this regard has been given by the Finance Ministry by issuing an official notification.
The last date for FY 2018-19 is 31 March 2024 and for FY 2019-20 is 30 June 2024. Rajat Mohan, senior partner, AMRG & Associates, said the extension pertains to the issuance of orders for recovery of tax liabilities for financial years 2018-19 and 2019-20.
Even before this, the government has changed the deadlines for these years. The last date for the financial year 2018-19 was extended from 31 December 2023 to 31 March 2024. At the same time, the last date for the financial year 2019-20 was extended from 31 March 2023 to 30 June 2024.
Two banks received demand notice
ICICI Bank has received a demand notice of Rs 26.8 crore from GST officials for alleged short payment of tax. In the information given to the stock market, ICICI Bank said that it received a GST Demand Notice of Rs 24.37 crore along with a penalty of Rs 2.43 crore on December 27.
Meanwhile, Kotak Mahindra Bank also informed the stock market that it received a GST demand notice of Rs 62.3 lakh on December 27. Kotak Mahindra Bank has received a notice from the Assistant Commissioner of Central GST and Excise, Government of India, based in Cuttack, Odisha. The bank has received a notice of Rs 57.20 lakh along with a fine of Rs 5.1 lakh.
