Bajaj Finance receives show cause notice for Rs 342 cr GST demand

Quick Summary:

In a filing to the BSE, Bajaj Finance said in the show cause notice (SCN) from the Director General of GST Intelligence (DGGI), Kochi Zonal Unit, the authorities have alleged that the fixed amount of upfront interest collected from customers in B2B business should be considered as fee/service charge and accordingly is liable to GST.

"The amount of GST demanded vide above referred SCN is Rs 342 crore (excluding interest and penalty) for the period from July 2017 to March 2024," it said.

Bajaj Finance on Monday said it has received a show cause notice for a GST demand of Rs 342 crore.

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Category: BusinessFinance

Markets: India

Topics: Bajaj Finance GST notice Bajaj Finance Bajaj Finance tax notice GST demand notice

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News Sentiment: Neutral

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Article Type: News Report

Published On: 2024-08-12 @ 18:57:51 (6 hours ago)

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News Source URL: business-standard.com

Language: English

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