UCO Bank Hit with ₹2,946 Crore GST Demand

UCO Bank has been served with a Rs. 1,473.48 crore Goods and Services Tax ( GST ) demand, along with an equal amount in penalties and applicable interest, by the Additional Commissioner of CGST, Mumbai South Commissionerate. The order, issued on February 6, 2025, has been disclosed in the bank’s latest regulatory filing.

According to the filing, the tax demand is linked to the financial years 2017-18 and 2018-19 and stems from alleged underpayment of GST and excessive Input Tax Credit ( ITC ) claims. The directive was passed under Section 74 of the CGST Act, 2017, which deals with tax evasion cases involving intent to defraud.

UCO Bank has rejected the claims, arguing that the demand lacks legal merit and will not stand judicial scrutiny. The bank has confirmed that it intends to challenge the order before the appropriate authority, expressing confidence that it will be overturned.

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About UCO Bank

Established in 1943 in Kolkata, UCO Bank (formerly United Commercial Bank) is a major government-owned commercial bank in India. As of 2014, it was ranked 1860 in the Forbes Global 2000 list and 294th among India’s most trusted brands in the Brand Trust Report 2014. During FY 2013-14, its total business stood at Rs. 4.55 lakh crore. The bank operates over 4,000 service units and 49 zonal offices across India, with two international branches in Singapore and Hong Kong.

UCO Bank, committed to serving the nation through active financial support across key sectors like agriculture, industry, trade, services, and infrastructure, continues to evolve with the changing economic landscape. With a vast network of over 3,000 service units, including specialized and digitalized branches in India and abroad, the bank has been growing pretty well.

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