Srinagar, April 11 -- The High Court of Jammu & Kashmir and Ladakh has stayed the recovery of a Rs 16,261 crore demand and penalty under the Goods and Services Tax (GST) regime issued against Jammu & Kashmir Bank.
The interim relief was granted after the bank filed a writ petition challenging the demand notice issued by the Additional cum Joint Commissioner, Central GST.
Represented by Advocate Tasaduq H Khawaja, the petitioner bank argued that the demand arose from a misinterpretation of its internal financial practices. The bank stated that it functions as a single legal entity registered under both the Central GST and the J&K GST Acts, with all its operations monitored by the Reserve Bank of India (RBI).
The bank's counsel submitted t...