ICICI Bank received two orders for appeals from the GST departments of Bihar and Maharashtra. The appeals relate to demands of INR 2,509,361 and INR 3,782,57,486, respectively, which include tax, interest, and penalty. The bank is evaluating the contents of the orders, which has resulted in a delay in disclosure. The demands are based on alleged violations of the Central Goods and Services Tax Act, 2017. In Maharashtra, the bank is accused of carrying forward ineligible CENVAT credit in contravention of Section 140 of the Act, resulting in a GST demand of INR 189,128,743. In Bihar, the bank is accused of availing input tax credit in contravention of Section 16(2) of the Act, resulting in a GST demand of INR 1,074,697, interest of INR 1,276,210, and a penalty of INR 158,454. The total potential financial impact on the bank’s operations and activities is quantifiable in monetary terms, with total demands of INR 4,384,409,020.
ICICI Bank Limited receives notices from the Goods and Services Tax (GST) authorities in Bihar and Maharashtra
by newsworm | Nov 29, 2024 | Banking, ICICI Bank