JK Bank gets whopping GST Notice of Rs 16,000-Crore; Shares Fall

JK Bank gets whopping GST Notice of Rs 16,000-Crore; Shares Fall Image/ANI

VoM News Desk | February 5, 2025 | 07:39 PM IST | Breaking News, Jammu Kashmir | Tags: Breaking News, GST, Jammu Kashmir news, JK Bank | Follow on Google News

JK Bank gets whopping GST Notice of Rs 16,000-Crore; Shares Fall

The shares of Jammu Kashmir Bank saw a major downfall on Wednesday’s trading session after the premier bank of Jammu Kashmir received a whopping GST notice of 16,000 crore.

The bank informed that it has received a demand draft from the Joint Commissioner, Central GST Commissionerate Jammu, for GST liability of Rs. 81, 30, 66, 42, 768 with interest as applicable.

Surprisingly, the notice served includes the GST as well as the penalty amount.

For the December Quarter 2024, Jammu Kashmir Bank posted a percent year-on-year increase in net profit. For the above-mentioned quarter, Jammu Kashmir Bank has reached 532 crores as compared to the 421 crores in the same period of last year.

Subsequently, its interest margin stood at 4.04 percent, but the recent notice would have a major effect on JK Bank.

After this development, the shares of the bank dropped below. Jammu Kashmir Bank has a market capitalization of Rs 11,273.91, and it stated that the served GST notice won’t affect its financial and business activities.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.