Hdfc Bank (HDB) has released an update.
HDFC Bank has been fined Rs. 0.75 crore by the Deputy Commissioner of State Tax, Mumbai, for the alleged excess availment of input tax credit during the financial year 2018-19. The total impact of the violation, including tax, interest, and penalty, is quantified at Rs. 2.40 crore. The bank is currently considering legal avenues for an appeal against the order.
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