IDBI Bank received Rupees 2.92 crores GST demand notice from the Dehradun State Tax Department. The GST demand notice was sent for alleged excess availment of input tax credit (ITC).
The IDBI Bank Limited (IDBI Bank or IDBI) is a development finance institution under the ownership of Life Insurance Corporation of India and Government of India. It was established in 1964 as Industrial Development Bank of India, a development finance institution, which provided financial services to industrial sector. In 2005, the institution was merged with its commercial division, IDBI Bank, forming the present-day banking entity and was categorised as “other development finance institution” categoryThe order included a GST demand of Rs 1.42 crore together with 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.IDBI Bank has a net profit of Rs 1,133 crore in the year-ago period. The 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.
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
