UCO Bank Receives ₹1473 Cr GST Demand

UCO Bank Receives ₹1473 Cr GST Demand

UCO Bank has received a GST demand of ₹1,473.48 crores along with an equivalent penalty and interest, as per an order passed by the Additional Commissioner of CGST, Mumbai South Commissionerate, on February 6, 2025. The demand pertains to the financial years 2017-18 and 2018-19 and is related to alleged short payment of GST and excess availment of input tax credit.

The order, issued under Section 74 of the CGST Act, 2017, has raised concerns regarding the bank's compliance during the specified periods. In response, UCO Bank has indicated its intent to challenge the order before the appropriate authority.

"The Bank believes that the demand lacks legal merit and will be set aside by the court of appropriate jurisdiction," stated UCO Bank in its regulatory filing.