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Informative

THIS state-run bank receives GST notice of ₹699.5 crore, stock down 5% in four sessions

Update / Judgement Date

28 Feb 2025

Source

Livemint

Author

Team — WCP Legal Desk

Reading Time

1 min read

BankingGST

Indian Overseas Bank has received a GST notice of ₹699.5 crore, and its stock is down 5% in four sessions. This notice highlights the importance of accurate GST compliance in the banking sector. It underscores the need for proper documentation and accounting. This move reflects the authorities' efforts to enforce GST regulations. It emphasizes the need for thorough audits. The notice aims to ensure compliance and recover revenue.