GST Demand Notice: The government has extended the date on which it must issue demand notices for FY 19 and 20

 GST Demand Notice: The government has extended the date on which it must issue demand notices for FY 19 and 20

GST Demand Notice: The government has extended the date on which it must issue demand notices for FY 19 and 20

GST Demand Notice: In response to claims of underpayment of taxes, ICICI Bank has been issued a demand notice amounting to Rs 26.8 crore by GST inspectors. According to ICICI Bank's disclosure to the stock market, on December 27, it got a GST Demand Notice for Rs 24.37 crore coupled with a penalty of Rs 2.43 crore.

Goods and Services Tax (GST) authorities now have more time to send demand notifications to taxpayers who have errors in their 2018–19 and 2019–20 financial year filings. For the fiscal year 2018–19, the government has extended the deadline to 30 April 2024; for the fiscal year 2019–20, it has extended to 31 August 2024. The Finance Ministry has provided information in this respect via the release of an official announcement.

The deadlines are March 31, 2024, for FY 2018–19, and June 30, 2024, for FY 2019–20. The prolongation relates to the issue of orders for the collection of tax obligations for the financial years 2018–19 and 2019–20, according to Rajat Mohan, senior partner at AMRG & Associates.

The government altered the deadlines for these years much earlier than this. The deadline for the fiscal year 2018–19 was moved from December 31, 2023, to March 31, 2024. The deadline for the 2019–20 fiscal year was also extended, from March 31, 2023, to June 30, 2024.

A demand notice was sent to two banks.

The GST authorities have sent ICICI Bank a demand notice for Rs 26.8 crore due to suspected underpayment of taxes. According to ICICI Bank's disclosure to the stock market, on December 27, it got a GST Demand Notice for Rs 24.37 crore coupled with a penalty of Rs 2.43 crore.

In the meanwhile, Kotak Mahindra Bank also disclosed to the stock market that on December 27, it got a GST demand notice for Rs 62.3 lakh. The Assistant Commissioner of Central GST and Excise, Government of India, located in Cuttack, Odisha, has sent a notification to Kotak Mahindra Bank. A notice of Rs 57.20 lakh and a fine of Rs 5.1 lakh have been received by the bank.