HDFC Bank Limited informed that, a penalty of INR 7.5 million has been imposed on the Bank by Deputy Commissioner of State Tax, Mumbai. Name of the authority: Deputy Commissioner of State Tax, Mumbai; Period Involved - Financial Year 2018-19; Nature and details of the action(s) taken, initiated or order(s) passed: Disallowance of input tax credit -Order passed under section 73 (10) of CGST Act; Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority: April 8, 2024. Details of the violation(s)/contravention(s) committed or alleged to be committed: Alleged excess availment of input tax credit; Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible: INR 24 million (includes tax, interest and penalty).
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