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City Union Bank Limited ( (IN:CUB) ) just unveiled an announcement.
City Union Bank has disclosed that it received a demand order under the Tamil Nadu Goods and Services Tax (TNGST) Act, 2017 from the Assistant Commissioner of State Tax, Kumbakonam Town Assessment Circle, for the financial year 2021-22. The order raises a demand of Rs 191.05 crore in tax, along with applicable interest and penalties, based on alleged taxation of certain exempt incomes, estimated service charges, and input tax credit claims. The bank maintains that it has been fully compliant with GST requirements since implementation and plans to pursue appropriate legal remedies under the GST framework, asserting that the demand lacks legal validity and is not expected to have a material financial impact on its operations.
More about City Union Bank Limited
City Union Bank Limited is an Indian private sector bank headquartered in Kumbakonam, Tamil Nadu, operating in the banking and financial services industry. It offers a range of retail and corporate banking products and services and is listed on both the National Stock Exchange of India and BSE, catering to customers primarily in southern India while maintaining a growing national presence.
Average Trading Volume: 291,503
Technical Sentiment Signal: Buy
Current Market Cap: 221.3B INR
For detailed information about CUB stock, go to TipRanks’ Stock Analysis page.