The Jammu & Kashmir Bank Limited has informed the Exchange about GST Demand
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Jammu & Kashmir Bank has received a GST demand order dated June 9, 2025, from the Deputy Commissioner (State Tax) in Haridwar, Uttarakhand. The demand relates to FY 2018-19 and includes a tax demand of ₹2.46 lakh, interest of ₹2.91 lakh, and a penalty of ₹2.46 lakh, totalling about ₹7.83 lakh. The issue stems from alleged wrongful claim of input tax credit (ITC) under Section 16(2) of the CGST Act, due to retrospective cancellation of a supplier's GST registration. The Bank has stated it will file an appeal against the order.
The financial impact is negligible (under ₹8 lakhs total) for a bank of this size, and management believes the demand lacks legal merit and will be overturned. Shareholders are unlikely to see any meaningful effect on the stock price or operations.