Hdfc Bank (HDB) has released an update.
HDFC Bank has been penalized by the Deputy Commissioner of State Tax, Tamil Nadu, for an alleged excess availment of input tax credit for the fiscal year 2019-20, amounting to a minor penalty of Rs. 0.02 crore. The overall financial impact, including tax and penalty, is quantified at Rs. 0.26 crore. The bank is currently considering an appeal and other legal remedies.
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