UCO Bank receives GST Demand of Rs.2946 Crore on GST Payment and ITC matter:

UCO Bank receives GST Demand of Rs.2946 Crore on GST Payment and ITC matter UCO Bank has received an order from the Additional Commissioner of CGST, Mumbai South Commissionerate on 6th February 2025, imposing a GST demand of Rs.1473,48,27,621 and equivalent amount of penalty and interest applicable, according to the Bank's regulatory filing. The order issued by the Additional Commissioner of CGST and CX under Section 74 of the CGST Act 2017 for the financial years 2017-18 and 2018-19 refers to suspected short payment of GST and excessive utilisation of input tax credit. The bank is likely to challenge this order before the appropriate authorities."The Bank believes that the demand lacks legal merit and will be set aside by a court of appropriate jurisdiction," UCO Bank stated in its regulatory filing.