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Informist, Tuesday, Sept. 29, 2026

NEW DELHI – Equitas Small Finance Bank Ltd. Monday said the proposed goods and services tax demand for 2022-23 (Apr-Mar) has been reduced to INR 239.51 million from INR 5.34 billion following a personal hearing. "The bank believes that even the remaining amount is eligible for exemption," according to an exchange filing.

The Chennai-based lender had received a show-cause notice from the Deputy Commissioner of State Tax, Tamil Nadu pertaining to the tax demand. The hearing was held Friday and the decision was communicated to the bank Monday. 

The revised amount comprises INR 216.73 million of tax, INR 1.11 million of interest, and a penalty of INR 21.67 million, the bank said in a filing. "The revised computation reflects a substantial reduction in the exemption-related turnover proposed to be assessed following the bank's submissions on interest income from loans and advances." The bank will produce further evidence and documents to the authorities, towards establishing the bank's position, it said.

For the June quarter, the small finance bank reported a net profit of INR 1.84 billion on a total income of INR 22.15 billion. Monday, shares of the bank ended at INR 66.02 on the National Stock Exchange, down 1.5% from their previous close.  End

Reported by Shweta

Edited by Akul Nishant Akhoury

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