RBL Bank gets GST show cause notice of Rs 103.77 crore for FY21
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RBL Bank has received a show cause notice from the Maharashtra GST authorities demanding about Rs 103.77 crore (including interest and penalty) for financial year 2020-21. The notice relates to input tax credit claimed by the Bank on a separate GST registration for its Digital Banking business vertical. The Bank will file a response and contest the matter. It cites favorable orders received on the identical issue for FY 2018-19 and FY 2019-20 and does not expect any material adverse impact on operations or financial position.
Tax demand of Rs 103.77 crore for FY21. Bank has favorable rulings on same issue for prior years and plans to contest. Watch for hearing outcome.