India’s HDFC Bank penalised by state tax officer of Gujarat

This is due to “disallowance of input tax credit” under section 73 of the CGST Act.

India’s HDFC Bank has been penalised IDR 0.01 crore (approximately US$1,200) by the State Tax Officer of Gujarat for a tax-related violation in FY2018-19.

In an SGX filing, the bank said that it had been penalised for “disallowance of input tax credit” under section 73 of the CGST Act.

It is expected to impact HDFC Bank by IDR 0.2 crore, including tax, interest, and penalty.