IDBI Bankon Tuesday said it has received a GST demand order of ₹2.97 crore along with interest and penalty for alleged excess availment of input tax credit (ITC).
In a regulatory filing, the private sector bank said the Dehradoon state tax department has issued an order under the GST rules pertaining to 2018-19 fiscal for alleged excess availment and utilisation of ITC.
The order includes a tax demand of ₹1.42 crore as well as interest and penalty of ₹1.41 crore and ₹0.14 crore, respectively.
“The bank is evaluating appropriate legal remedy, including appeal, as per law,” IDBI Bank said.
Shares of IDBI Bank were trading at ₹85.41, down 3.82 per cent over previous close on the BSE.