Bajaj Finance receives a GST payment demand notice from the Kochi Zonal Unit of DGGI for Rs 342 crore.
Bajaj Finance, an Indian financial services firm, received a show cause notice from the Kochi Zonal Unit of the Director General of GST Intelligence, demanding a GST payment of Rs 342 crore ($46 million). The DGGI alleges that Bajaj Finance's fixed upfront interest collected from B2B customers should be considered as fee/service charge, making it subject to GST. Bajaj Finance plans to file a reply to contest the demand. Shares closed at Rs 6610.30, down 0.13%.
August 12, 2024
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