City Union Bank Receives ₹191 Crore GST Demand Order, Cites No Material Impact
City Union Bank Limited (CUB) has announced that it received a Demand Order under the TNGST Act, 2017, from the Assistant Commissioner ST (FAC), Kumbakonam Town Assessment Circle. The order, dated Dec...
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Why is City Union Bank Limited in the news today?
City Union Bank Limited (CUB) is in the news due to the bank has received a significant tax demand order, which is inherently negative news, despite the bank's assertion of no material financial impact.
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City Union Bank Receives ₹191 Crore GST Demand Order, Cites No Material Impact
December 31, 2025, 01:25 PM
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City Union Bank Limited (CUB) has announced that it received a Demand Order under the TNGST Act, 2017, from the Assistant Commissioner ST (FAC), Kumbakonam Town Assessment Circle. The order, dated December 30, 2025, pertains to the Financial Year 2021-22 and demands a tax of ₹191.05 crore, along with applicable interest and penalty.
The demand was reportedly raised on grounds of taxing certain exempt incomes, taxing service charges on an estimated basis, and on Input Tax Credit (ITC) claims.
The bank, however, stated that it has been compliant with GST regulations since their inception and has discharged GST on all collected charges while claiming only eligible ITC. CUB believes the demand order lacks legal sanctity and asserts that there will be no material financial implications on the bank due to this order. The bank intends to pursue appropriate legal remedies available under the GST Act.
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