Tamilnad Mercantile Bank Limited has informed the Exchange about General Updates
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Awaiting price reaction for this filing.
Tamilnad Mercantile Bank has been slapped with a monetary penalty of Rs. 17,88,166 by the Superintendent of CGST & Central Excise, Tuticorin South Range, via an order dated December 31, 2025. The penalty relates to non-payment of GST on 'Less Previously Collected' amounts (Rs. 3.13 lakhs) and on 'TDS' (Rs. 14.75 lakhs) for the period April 2018 to March 2021, under Section 74 of the CGST Act, 2017. The bank has stated that it plans to file an appeal before the Commissioner of GST & Central Excise (Appeals). The bank has also clarified that, in its view, the penalty is not material in nature.
The penalty is small relative to the bank's size and the bank itself deems it non-material, so near-term impact on the stock should be limited. However, the appeal outcome and any further GST scrutiny remain points to watch.