Equitas Small Finance Bank (ESAF) trimmed its GST assessment to ₹23.95 crore from ₹533.81 crore, a ₹509.86 crore swing that lifted the BSE‑listed stock 1.89% to ₹43.58.
The revised figure breaks into ₹21.67 crore tax, ₹0.11 crore interest and ₹2.17 crore penalty, a stark contrast to the original SCN of ₹485.18 crore tax, ₹0.11 crore interest and ₹48.52 crore penalty.
The hearing took place on September 25, 2026, after the Office of the Deputy Commissioner, Central‑III Zone, issued the SCN under Section 73 of the CGST Act for FY 2022‑23.
ESAF also confirmed board approval to raise up to ₹500 crore via private placement of NCDs, a move aimed at bolstering Tier II capital ahead of the next AGM.
The bank will submit further documentation to substantiate its exemption claim and will update investors as the GST case progresses, while analysts note the positive price reaction could signal confidence in the bank’s continued compliance trajectory.