New Delhi, Feb. 28 -- PSU-institutional lender Indian Overseas Bank (IOB) received a Rs.699.52 crore goods and service tax (GST) notice from the Chennai State Government, according to an exchange filing on Friday, February 28.

The Deputy Commissioner of the Large Taxpayers Unit of Chennai has demanded the GST amount from the state-owned bank.

According to the official release, the total GST demand, including the interest and penalty amount, was Rs.699.52 crore. The penalty charged for the demand was Rs.35.26 crore.

"We believe that the demand order shall have no material impact on the financials, operations or other activities of the bank," said IOB in the official statement, claiming the bank believes that the GST demand is without an...