J&K Bank Receives Rs. 200 Cr GST Demand

J&K Bank received a GST demand of Rs. 200.21 crore plus equal penalty of Rs. 200.21 crore from Central GST Commissionerate, Jammu on March 23, 2026.
The demand covers the period February 23, 2020 to March 2024 and relates to Transfer Pricing Mechanism (TPM) internal fund allocation transactions.
The Bank contests the demand, citing expert opinion and a pre-existing High Court stay order on a similar GST demand on TPM transactions.
Bank asserts no material financial impact is expected and will pursue appropriate legal recourse.