IDBI Bank gets Rs 2.97 crore GST demand order from Dehradun officials

IDBI Bank on Tuesday said it has received a GST demand order of Rs 2.97 crore along with interest and penalty for alleged excess availment of input tax credit (ITC).

In a regulatory filing, the private sector bank said the Dehradoon state tax department has issued an order under the GST rules pertaining to 2018-19 fiscal for alleged excess availment and utilisation of ITC.

The order includes a tax demand of Rs 1.42 crore as well as interest and penalty of Rs 1.41 crore and Rs 0.14 crore, respectively.

"The bank is evaluating appropriate legal remedy, including appeal, as per law," IDBI Bank said.

Shares of IDBI Bank were trading at Rs 85.41, down 3.82 per cent over previous close on the BSE.

The private sector lender on Saturday had reported a 44 per cent jump in net profit at Rs 1,628 crore in the March quarter of financial year 2023-24.

 

In comparison, the bank had posted a net profit of Rs 1,133 crore in the year-ago period.

Total income rose to Rs 7,887 crore in the period under review, from Rs 7,014 crore in the January-March period of fiscal year 2022-23.

For the 2023-24 fiscal, net profit grew 55 per cent to an all-time high of Rs 5,634 crore. In 2022-23, the profit was at Rs 3,645 crore.

Total income for fiscal year 2023-24 was at Rs 30,037 crore, up from Rs 24,942 crore in financial year 2022-23.

Net Interest Income improved by 12 per cent in the March quarter to Rs 3,688 crore, as against Rs 3,280 crore in the fourth quarter of 2022-23.