GST Demand Notice of Rs.66.70 Lakh to ICICI Securities

ICICI Securities said on Tuesday that it has received a tax demand of around Rs.66.70 lakh from the Gujarat State GST department. According to a regulatory filing, the brokerage firm’s claim includes Rs.31.78 lakh in GST demand along with the interest of Rs.31.72 lakh and the penalty of Rs.3.20 lakh.

The Gujarat GST authority demanded almost Rs.66.70 lakh GST, along with interest and penalties, for an alleged over claim of GST credit.

The company will defend the case before the appellate authorities and submit an appeal against the order to the Commissioner (Appeals). ICICI Securities shares closed at Rs.719.85 per share, down 0.54% from the previous close on the BSE.