A division bench of the Andhra Pradesh (AP) High Court comprising Justices U. Durga Prasad Rao and B. Krishna Mohan refused to entertain a Writ Petition (WP) filed by the State Bank of India (SBI) against an obligation to pay ₹ 215.11 crore towards under-declared GST to the Government of AP on an exempted turnover and directed it to seek an alternate remedy from the appellate forum concerned. The SBI had filed the WP challenging an order of assessment issued by the Deputy Commissioner of State Tax (Audit, No.1 Division, Vijayawada), wherein the bank was held liable to pay GST to the tune of ₹ 215,10,75,375. The bank had primarily contended that it was not liable to pay any tax since it was not rendering any service while levying penal interest on defaulters. The Commercial Taxes Department (CTD) had on the other hand relied on the agreements it entered into with various borrowers and determined that the levy of penal interest was actually an act of forbearance and a service for which the bank was charging amounts and hence was liable to pay GST. Y.N. Vivekananda, government pleader for commercial taxes, argued that SBI is liable to pay the State… Read full this story
- Delhi High Court disapproves of AAP govt's free water scheme
- AP high court orders discoms to clear arrears of Rs 1450 cr of renewable power producers
- 'Data leak at SBI': Kerala HC slaps Rs 10,000 fine for frivolous PIL
- AP discoms assure HC of settling all pending payments in 4 weeks
- HC directs Andhra government to clear Rs 1,450 Cr dues to renewable power firms
- CAA protests hearing: Plea in Delhi HC for contempt action against lawyers who 'disrespected' court
- Stocks in focus: SBI, BPCL, RIL, Adani Green
- How the future of Fortis Healthcare rests on the outcome of a high-stakes battle
- Special Report: Why big business can count on courts to keep its deadly secrets
- Railways to approach court seeking compensation for property loss due to CAA protests
High Court directs SBI to pay ₹ 215.11 crore GST to AP government have 317 words, post on www.thehindu.com at August 1, 2021. This is cached page on Vietnam Art News. If you want remove this page, please contact us.