IDBI Bank Limited announced that a penalty of INR 21.9 Million has been imposed on the Bank by Joint Commissioner, Gujarat. Period Involved: Fiscal Year 2017-18, Fiscal Year 2018-19 & Fiscal Year 2019-20. Nature and details of the action(s) taken, initiated or order(s) passed: Order in original under section 74(9) of CGST Act,2017.

Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority: May 28, 2024. Details of the violation(s)/contravention(s) committed or alleged to be committed: Alleged Tax short paid on outward supply, excess availment u/s 17(5) and utilization of Input Tax Credit (ITC). Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible: Tax: INR 21.1 Million, Interest INR 00.031 Million plus as applicable and Penalty of INR 21.9 Million.