Dhanlaxmi Bank Limited — Important, 07-02-2025: General Updates

The bank has received a GST Demand Order citing irregularities in input tax credit for the period from July 1, 2017, to March 31, 2021, resulting in a penalty of Rs. 2.27 crore (cr) comprising IGST of Rs. 0.12 cr, CGST of Rs. 1.08 cr, and SGST of Rs. 1.08 cr. The demand was issued by the Office of the Deputy Commissioner (Adjudication) under the State Goods and Services Tax. The bank plans to appeal the decision before the appropriate Appellate Authority, expressing confidence in a strong case. Currently, there is no anticipated financial impact as the matter is under appeal. Investors may want to monitor this situation closely, as the outcome could affect the bank’s operations and reputation.