UCO Bank Tax Bill Slashed by 99%

UCO Bank has secured a significant reprieve in a tax dispute, with its Goods and Services Tax (GST) liability dramatically reduced following an appellate ruling. The Commissioner of GST & Central Excise (Appeals-I) in Mumbai disposed of an appeal against a prior demand order. This ruling, dated April 24, 2026, has lowered the GST demand to ₹4.86 crore. This is a substantial decrease from the original ₹1,473.48 crore, which also included applicable interest and penalties under the CGST Act, 2017. The bank is currently assessing the details of this order. This sharp reduction in tax liability provides considerable financial relief, bolstering the bank's balance sheet and enhancing financial transparency. In other operational news, UCO Bank reported a 25.4% year-on-year rise in net profit to ₹801.2 crore for Q4FY26, though net interest income saw a slight decline. The bank maintains confidence in sustaining its margins in the coming fiscal year.