GST Dept Imposes GST Demand of Rs 61.19 Lakh Over Disallowance of ITC on Kotak Mahindra Bank:

GST Dept Imposes GST Demand of Rs 61.19 Lakh Over Disallowance of ITC on Kotak Mahindra Bank The Kotak Mahindra Bank has received a GST order from the GST Department, raising heavy penalties and tax demand along with interest. The bank has made a disclosure about the receipt of the order under the Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. As per the disclosure, the Ahmedabad GST department has issued an order dated December 12, 2025, raising GST demand of Rs 30,49,675 along with interest under section 50 of the Gujarat GST Act, 2017 and the CGST Act, along with a penalty of Rs 30,69,675 under section 74 of the CGST Act for disallowed input tax credit (ITC) during the financial years from 2018-19 to 2020-21.

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The total demand amounts to Rs 61.19 lakh, which has arisen due to the disallowance of ITC as per the GST law during the said financial years. Kotak Bank has confidently said that it has sufficient grounds to support its side in this matter. The Bank has decided to file an appeal challenging this order. Further, Kotak has stated that the impact of this demand is limited to the amount of levy payable by the Bank. Link