Kotak Mahindra Bank Limited announced that the Bank has, on April 28, 2024, received an order dated April 28, 2024 from the office of the Joint Commissioner of State Tax (GST) at Jaipur, Rajasthan, levying an amount of INR 22,050/- towards Goods and Services Tax and interest of INR 22,160/- and a consequential non-discretionary penalty amounting to INR 40,000/- under Section 73 of the Rajasthan Goods and Services Tax Act, 2017 /Section 122 of the Central Goods and Services Act, 2017, The above demand has arisen mainly on account of non-reversal of input tax credit against other ineligible ITC during the financial year 2018-19. The Bank believes that it has adequate grounds to support its position in the matter and would prefer an appeal against the aforesaid order, under the applicable laws. The impact of the above order would be limited to the amount of levy payable by the Bank under the aforesaid order.