Tax & Penalty28 Sept 2026, 09:31 pm
Equitas SFB GST Notice: Proposed Tax Reduced by 95.5%
AI Summary
Equitas Small Finance Bank has provided an update on a Show Cause Notice (SCN) received from GST authorities. Initially, the proposed aggregate amount was ₹533.81 crore. Following a personal hearing and subsequent communication, this amount has been substantially reduced to ₹23.95 crore. The revised amount comprises tax of ₹21.67 crore, interest of ₹0.11 crore, and penalty of ₹2.17 crore. This reduction is attributed to the bank's submissions regarding interest income from loans and advances. The bank believes the remaining amount is also eligible for exemption and will provide further evidence.
Key Highlights
- GST authorities substantially reduced proposed tax assessment.
- Initial demand of ₹533.81 crore reduced to ₹23.95 crore.
- Reduction follows bank's submissions on interest income exemptions.
- Bank maintains remaining amount is eligible for exemption.
- Further evidence will be submitted to authorities.
Price Impact
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