Search Operations Underway
GST authorities have conducted searches at three offices of ICICI Bank, according to an official announcement by the bank. The operations were initiated under Sections 67(1) and 67(2) of the Maharashtra Goods and Services Tax (MGST) Act, 2017.
Bank’s Full Cooperation
In a statement issued late Wednesday, ICICI Bank confirmed the ongoing proceedings and assured full cooperation with the authorities. “The proceedings are ongoing, and the bank is providing all requested data,” the bank stated in an exchange filing.
Legal Context of the Search
Section 67 of the MGST Act empowers GST authorities to inspect, search, and seize goods, documents, and records if they suspect tax evasion. The specific reasons for the search at ICICI Bank offices have not been disclosed, and further details are awaited.
Significance of the Action
The search highlights the vigilance of tax authorities in ensuring compliance with GST regulations. While ICICI Bank’s proactive cooperation is notable, the action underscores the importance of adherence to tax laws by financial institutions.
Ongoing Developments
As proceedings continue, the outcomes of the search and any subsequent findings will be closely monitored. ICICI Bank has committed to maintaining transparency throughout the process, reinforcing its commitment to regulatory compliance.
