THE SOUTH INDIAN BANK LIMITED The South Indian Bank Limited announced that the penalties have been imposed on the Bank by GST Authorities. The details as required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular dated July 13, 2023. Name of the authority: Maharashtra Goods & Service Tax (GST) Department.
Period Involved: F.Y. 2018-19. Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority: April 29, 2024. Nature and details of the action(s) taken, initiated or order(s) passed: Alleged short payment of Tax and disallowance of input tax credit - Order passed under section 73 of CGST Act, 2017.
Details of the violation(s)/contravention(s) committed or alleged to be committed: Alleged short payment of Tax and 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 244.0 million (includes tax, interest and penalty). Name of the authority: Central Tax and Central Excise, Kochi Commissionerate.
Period Involved: F.Y. 2018-19, F.Y. 2019-20 and F.Y. 2020- 21; Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority: April 29, 2024. Nature and details of the action(s) taken, initiated or order(s) passed: Alleged short payment of Tax and disallowance of input tax credit - Order passed under section 73 (9) of CGST Act, 2017. Details of the violation(s)/contravention(s) committed or alleged to be committed: Alleged short payment of Tax and 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 126.6 million (includes tax and penalty).
