IDBI Bank Gets Rs 2.97 Crore GST Demand Order

IDBI Bank on Tuesday said it has received a GST demand order of Rs 2.97 crore along with interest and penalty for alleged excess availment of input tax credit.

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 Rs 1.42 crore as well as interest and penalty of Rs 1.41 crore and Rs 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 Rs 85.41, down 3.82% over previous close on the BSE.