Hdfc Bank (HDB) has released an update.
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HDFC Bank has been penalized by the Central GST Superintendent of Navi Mumbai for the fiscal year 2019-20, due to issues related to the disallowance of input tax credit. The minor penalty of Rs. 0.002 crore and the overall financial impact including tax, interest, and penalty amounts to Rs. 0.03 crore. The bank is actively considering legal options for appeal against the order.
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