A ₹1,473.48 crore Goods and Services Tax (GST) demand has been imposed on UCO Bank, along with an equal amount in penalties and related interest, by the Additional Commissioner of CGST, Mumbai South Commissionerate. The order, dated February 6, 2025, was disclosed in the bank’s latest regulatory filing.
The tax demand as per the filing is associated with the fiscal years 2017-18 and 2018-19 and stems from alleged underpayment of GST and excessive ITC claims. U/s 74 of the CGST Act, 2017, the directive was passed which deals with tax evasion matters engaging objective to defraud.
The claims have been rejected by the UCO Bank claiming that the demand does not have the statutory merit and will not stand judicial scrutiny. It has been validated by the bank that it objected to contesting the order before the related authority, specifying the confidence that it will be overturned.
UCO Bank (formerly United Commercial Bank) is a major government-owned commercial bank in India which is established in 1943 in Kolkata. As of 2014, it was ranked 1860 in the Forbes Global 2000 list and 294th among India’s most trusted brands in the Brand Trust Report 2014. During FY 2013-14, its total business stood at Rs. 4.55 lakh crore. The bank serves over 4,000 service units and 49 zonal offices across India, with two international branches in Singapore and Hong Kong.
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UCO Bank is devoted to operating in the country via active financial support in the major sectors like agriculture, industry, trade, services, and infrastructure, and carried on to evolve with the revising economic landscape. The status of the bank is a good position as the bank has a broad network of over 3000 service units along with specialized and digitalized branches in India and abroad,
