RBL Bank has announced the successful conclusion of proceedings related to a significant Goods and Services Tax (GST) demand for the Financial Year 2019-20. The Assistant Commissioner of State Tax, Mumbai, has formally withdrawn the entire proposed demand of ₹92,00,23,536, which included interest and penalty. This development, confirmed on March 24, 2026, resolves the uncertainty previously disclosed to the exchanges regarding the matter.
Resolution of Prior Tax Notice
RBL Bank has provided an update regarding a show cause notice it previously received concerning the Goods and Services Tax Act, 2017, relating to the financial year 2019-20. The initial demand proposed by authorities amounted to ₹92,00,23,536, covering the base tax, associated interest, and penalties.
Official Order Issued
The bank confirmed that the Assistant Commissioner of State Tax in Mumbai issued an order on March 24, 2026. This order officially concluded the proceedings related to the earlier notice. Crucially, the entire tax demand, including all interest and penalty components, has been withdrawn by the Commissioner.
This action was taken pursuant to the provisions outlined under Section 74 of the Maharashtra Goods and Services Tax Act, 2017. The bank expressed its thanks to the exchanges and noted that full details of this resolution are available on the bank’s official website.
Source: BSE
