GST demand reduced to Rs 208.91 crore from Rs 337.79 crore on remand
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City Union Bank received a GST demand order from the Deputy Commissioner, State Tax, Tanjore for FY 2021-22 under the Tamilnadu GST Act, 2017. The new demand of Rs 110.37 crore tax plus Rs 98.52 crore interest and penalty totals Rs 208.91 crore, down from the original Rs 337.79 crore following a remand by the Madurai Bench of Madras High Court. The bank says it fully complied with GST provisions, will pursue legal remedies, and does not expect any material financial impact.
Lower than original demand is favorable. Bank contests liability and expects no material financial hit, but legal outcome remains uncertain.