RBL Bank has received a GST demand order worth Rs 104 crore for the financial year 2020-21 from the Mumbai tax department, according to an exchange filing. The bank said it has also received a show cause notice from the tax authorities and will submit its response within the prescribed timelines.
RBL Bank said it believes it has adequate grounds to contest the matter on merits. The bank's assessment is supported by favourable orders received from GST authorities on an identical issue for fiscal 2019 and fiscal 2020.
"Based on its assessment including favorable orders received from the GST authorities on identical issue for FY 2018-19 and FY 2019-20, the Bank believes that it has adequate grounds to contest the matter on merits," RBL Bank said in the filing.
The lender added that it does not, at this stage, reasonably expect the matter to have any material adverse impact on its operations or financial position. The bank will submit its response to the show cause notice within the stipulated timelines.
RBL Bank Share Price Today
RBL Bank shares were trading 1.17% lower at Rs 380.85 apiece on Friday at 3:07 p.m. The stock has declined 2.97% over the past week but has gained 4.37% in the last month. On a year-to-date basis, RBL Bank shares have risen 20.79%, while the stock has gained 51.82% over the past one year.
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