ICICI Bank Gets Rs 153-Crore Tax Demands From Maharashtra GST Department
ICICI Bank Ltd. has received two orders from the Maharashtra Goods and Services Tax Department demanding a total of over Rs 153 crore in tax and penalties.
The orders have been issued under section 74 of Central Goods and Services Tax Act, 2017, the bank said in an exchange filing on Saturday. Both were issued on Jan. 3.
The first order raised a GST demand of Rs 50.38 crore and included a penalty and interest of the same amount. This takes the total demand for this order to Rs 100.76 crore.
The second order for Rs 26.12 crore also included a penalty of an equivalent amount. The total demand for that order stood at Rs 52.24 crore.
"The bank will take appropriate steps, including contesting the order through an appeal within prescribed timelines," it said in an exchange filing on Saturday.
This comes weeks after the lender approved the sale of 19% stake in unit ICICI Merchant Services Pvt. The move is expected to generate between Rs 160 crore and Rs 190 crore. The decision, made by the bank's board, will lead to IMSPL no longer being classified as an associate company of ICICI Bank once the sale is completed.
Shares of ICICI Bank Ltd. had closed 1.94% lower at Rs 1,265.60 per share, compared to a 0.76% decline in the NSE Nifty on Friday.
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