TMB fined ₹17.88 Lakhs by CGST for GST non-payment on 'Less Collected' and TDS issues
Tamilnad Mercantile Bank Limited (TMB) has been penalized with a monetary penalty of ₹17,88,166 (Rupees Seventeen Lakhs Eighty-Eight Thousand and One Hundred and Sixty-Six Only) by the Superintendent ...
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Why is Tamilnad Mercantile Bank Limited in the news today?
Tamilnad Mercantile Bank Limited (TMB) is in the news due to the company has received a monetary penalty from a regulatory authority, which is a negative development.
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TMB fined ₹17.88 Lakhs by CGST for GST non-payment on 'Less Collected' and TDS issues
January 2, 2026, 08:30 AM
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Tamilnad Mercantile Bank Limited (TMB) has been penalized with a monetary penalty of ₹17,88,166 (Rupees Seventeen Lakhs Eighty-Eight Thousand and One Hundred and Sixty-Six Only) by the Superintendent of CGST & Central Excise, Tuticorin South Range. This penalty, imposed via order no. GST/TTN/SUPDT/SOUTH/45/2025 dated December 31, 2025, pertains to the period from April 2018 to March 2021.
The penalties are for non-payment of GST on "Less Previously Collected" amounts, amounting to ₹3,13,552, and for non-payment of GST on "TDS" issues, totaling ₹14,74,614. These actions were taken under Section 74(9) read with Section 122(2)(a) of the CGST Act, 2017, and Section 20 of the IGST Act, 2017.
The bank received the order on January 1, 2026, and is currently in the process of filing an appeal before the Commissioner of GST & Central Excise (Appeals). TMB has stated that the said penalty is not material in nature.
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