Bandhan Bank Limited has received a demand order from the Deputy Commissioner, Range-2, Gujarat, under Section 73 of the Central Goods and Services Tax (CGST) Act, 2017, relating to GST for the financial year 2021-22. The order alleges that the bank availed excess or ineligible Input Tax Credit (ITC) and did not pay GST on certain incomes.
The total demand, including tax, interest, and penalty, amounts to ₹2.99 crore, broken down as follows:
- Tax: ₹1.69 crore
- Interest: ₹1.14 crore
- Penalty: ₹16.89 lakh
The bank has stated that the order will not have any material impact on its financials, operations, or other activities. Bandhan Bank is currently reviewing the matter and may pursue legal remedies, including filing an appeal with higher authorities.
