IDBI Bank disclosed that it has received a GST demand order of Rs 2.97 crore, including interest and penalty, for alleged excess availment of input tax credit (ITC). The order, issued by the Dehradun state tax department for the 2018-19 fiscal year, comprises a tax demand of Rs 1.42 crore, along with interest and penalty of Rs 1.41 crore and Rs 0.14 crore, respectively. The bank stated that it is assessing suitable legal options, including filing an appeal, in accordance with the law.
Paytm Share Price Post RBI's Order on Banking Services News: Paytm, an online source of payment services, encountered a substantial setback courtesy of the Reserve Bank of India (RBI). The development unfolded on Wednesday, when the RBI took significant action against Paytm. As per details, Paytm will no longer be permitted to provide banking services beyond February 29.
IDBI Bank recently reported its September quarter results, where it logged 59.8 per cent YoY rise in net profit at Rs 1,323.3 crore compared with Rs 828.1 crore in the same quarter last year.
IDBI Bank share price: The stock surged 9.78 per cent to hit a 52-week high of Rs 71.25 against its previous close of Rs 64.90. It eventually settled 9.09 per cent higher at Rs 70.80 on NSE. On BSE, it finished with 8.19 per cent gains at Rs 70.28. Around 58.61 lakh shares changed hands today. This was way more than the two-week average volume of 9.84 lakh shares.