HDFC Bank Faces Penalty Over Tax Credit

Tip Ranks
2024.08.16 10:30

HDFC Bank has been penalized Rs. 0.08 crore by the Deputy Commissioner of State Tax, Maharashtra, for allegedly claiming excess input tax credit in the fiscal year 2019-20. The total financial impact amounts to Rs. 1.69 crore, including tax, interest, and penalties. The bank is considering legal options, including an appeal. This update has been disclosed to the New York Stock Exchange as per regulatory requirements.

Hdfc Bank (HDB) has released an update.

HDFC Bank has been penalized Rs. 0.08 crore by the Deputy Commissioner of State Tax, Maharashtra, for an alleged excess availment of input tax credit during the fiscal year 2019-20. The Bank is facing a total financial impact of Rs. 1.69 crore, which includes the tax, interest, and penalty, and is currently considering legal options, including an appeal. This information has been formally disclosed to the New York Stock Exchange as per regulatory requirements.

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