ICICI Bank, Kotak Mahindra Bank get GST demand notice

ICICI Bank on said tax authorities have slapped a demand notice of Rs 26.8 crore on it for alleged short payment of GST. Goods and Services Tax (GST) demand of Rs 24.37 crore with a penalty of Rs 2.43 crore was served on December 27, ICICI Bank said in a regulatory filing.

Assessment of tax payment under Section 73 of Tamil Nadu Goods and Services Tax Act, 2017, it said.

Kotak Mahindra Bank in a separate regulatory filing said it received a Rs 62.3 lakh GST demand notice on December 27.

Kotak Mahindra Bank has received notice from the Assistant Commissioner of Central GST and Excise, Government of India at Cuttack, Odisha, levying, in aggregate, an amount of Rs 57.20 lakh towards CGST, with applicable interest, and penalty of Rs 5.1 lakh.

The demand has disallowed Input Tax Credit (ITC) on certain expenses during 2017-18 and 2018-19 fiscal year