Tax & Penalty5 May 2026, 04:12 pm
UCO Bank GST Demand Reduced to ₹4.86 Cr from ₹1,473.48 Cr
AI Summary
UCO Bank announced that its appeal against a GST demand order has been substantially allowed by the Appellate Authority. The original GST demand of ₹1,473.48 crore has been reduced to ₹4.86 crore, along with applicable interest and penalty as per the CGST Act, 2017. The bank is currently evaluating the order and considering further steps.
Key Highlights
- UCO Bank's GST demand reduced significantly following appeal.
- Appellate Authority substantially allowed the bank's appeal.
- GST demand decreased from ₹1,473.48 crore to ₹4.86 crore.
- The reduced amount includes applicable interest and penalty.
- UCO Bank is evaluating the order and considering next steps.