Equitas Small Finance Bank has received an official order under Section 74 of the Gujarat Goods and Services Tax (GGST) Act, 2017 from the GST Department, specifically the State Tax Officer, Office of Assistant Commissioner, Ahmedabad. The order, received on December 7, 2024, mandates the bank to pay a total tax demand of Rs. 53,680. This amount includes Rs. 18,296 as tax, Rs. 17,088 as interest, and Rs. 18,296 as penalty, due to an excess claim of Input Tax Credit (ITC) for the Financial Year 2019-2020.

The Equitas Small Finance Bank has communicated this development to the stock exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The bank confirmed that while the tax demand has been levied, it does not anticipate a significant financial or operational impact on its activities. The amount of Rs. 53,680 is considered non-material in the context of the bank's broader financial standing.

Appeal Process and Further Steps

As the tax demand order is appealable, the Equitas Small Finance Bank has the option to challenge the decision. The bank has stated that it will assess its right to file an appeal against the order, which could alter the final amount to be paid. However, at present, there is no material impact expected on the bank’s operations.

This disclosure is made as per the SEBI guidelines, including Regulation 30 and the SEBI Circular No. SEBI/HO/CFD/CFD-PoD1/P/CIR/2023/123, which mandates timely updates on significant events that may impact the financial position of listed entities.

Equitas Small Finance Bank continues to ensure compliance with all applicable laws and regulations, and the tax order will not hinder its regular operations. The tax and penalty amounts remain relatively small in comparison to the bank's overall financial health.

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