City Union Bank gets GST demand order for INR 1.91 bln for FY22
This story was originally published at 19:37 IST on 31 December 2025
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--City Union Bank gets tax demand order of INR 1.91 bln for FY22
NEW DELHI – City Union Bank Ltd. Wednesday said it has received an order from the Assistant Commissioner State Tax Kumbakonam Town, demanding goods and services tax of INR 1.91 billion for 2O21-22 (Apr-Mar) along with interest and penalty.
"The demand was made on taxing on certain exempt incomes, taxing service charges on estimated basis and on ITC (input tax credit) claim," the bank said in an exchange filing. The bank said it will take appropriate legal remedies as provided in the GST Act. "As a result of above demand, which is devoid of legal sanctity, there will not be any material financial implications on the bank, as the bank has duly complied the GST provisions in letter and spirit," it said.
City Union Bank reported net profit of INR 3.29 billion for the September quarter, up 15% on year, with total income of INR 19.12 billion. Shares of the bank Wednesday ended 2.2% lower at INR 290.80 on the National Stock Exchange. End
Reported by Shubham Rana
Edited by Akul Nishant Akhoury
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