RBL Bank has announced a significant development regarding a previous tax demand under the Maharashtra Goods and Services Tax Act, 2017. The Assistant Commissioner of State Tax in Mumbai has officially withdrawn the entire GST demand amounting to ₹92,00,23,536, which included interest and penalties. This conclusion follows an earlier show cause notice issued for the financial year 2019-20.
The withdrawal decision was made pursuant to Section 74 of the Maharashtra Goods and Services Tax Act, 2017, effectively nullifying the proposed tax demand that had been a point of contention for the bank. This move comes as a relief to RBL Bank, eliminating the financial burden that the GST demand had posed.
In compliance with Regulation 46(2) of the SEBI Listing Regulations, RBL Bank has made this information publicly accessible on its official website, ensuring transparency and adherence to regulatory requirements.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).