Kotak Mahindra Bank has received an order dated December 29, 2025, from the Deputy Commissioner of State Tax, Business Audit Wing, Rajasthan, regarding Goods and Services Tax (GST). The order demands ₹1,26,74,257 towards GST and interest of ₹93,15,576. Additionally, a non-discretionary penalty of ₹12,67,425 has been levied due to disallowance of input tax credit availed during fiscal year 2021-22. The Bank plans to appeal the order.
Details of the Order
Kotak Mahindra Bank received an order on December 31, 2025, issued by the Deputy Commissioner of State Tax, Business Audit Wing, Rajasthan. The order, dated December 29, 2025, pertains to Goods and Services Tax (GST).
Financial Impact
The order includes a demand for ₹1,26,74,257 related to GST and ₹93,15,576 in interest. The order also includes a non-discretionary penalty of ₹12,67,425. This penalty is related to the disallowance of input tax credit claimed during the financial year 2021-22.
Bank’s Response
The Bank believes it has sufficient grounds to challenge the order and intends to file an appeal. The impact of the order will be limited to the amount of the levy that is payable.
Source: BSE
