The demand, which incorporates curiosity fee, was raised after scrutiny of the evaluation proceedings performed for the mentioned interval, SBI mentioned in a inventory alternate discover.
“The financial institution will take acceptable steps, together with contesting the Order earlier than appellate authorities throughout the prescribed timelines,” it mentioned.
In the meantime, the evaluation unit of the revenue tax division imposed a Rs 5.5 crore penalty on IDBI Financial institution for monetary yr 2020-21.
The ICICI Financial institution on Thursday introduced that it acquired a items and repair tax demand of Rs 384 crore from the Maharashtra GST division and an equal quantity of penalty and curiosity as relevant on providers offered by the financial institution to clients sustaining specified minimal balances of their accounts.
