Equitas Small Finance Bank says it has received a GST demand notice worth Rs 534 crore from a Tamil Nadu tax authority. The notice pertains to GST liability the authority believes the bank owes, according to the bank’s statements reported by NDTV.
The bank disputes the basis of the demand, saying it has consistently followed the same tax treatment. It also says assessments for earlier years were completed without treating certain exempt interest income as taxable turnover. The reporting focuses on the bank’s response to the notice, with no outcome stated as of the time of publication.
Across the available coverage, the main points are the size of the demand, the issuing authority in Tamil Nadu, and the bank’s position that its prior filings and assessments treated the relevant exempt interest income consistently and accordingly.
