ICICI Securities disclosed on Tuesday that it has been slapped with a tax demand totalling approximately Rs 66.70 lakh by the Gujarat state Goods and Services Tax (GST) department.

According to a regulatory filing by the brokerage firm, the demand comprises GST amounting to Rs 31.78 lakh, along with interest of Rs 31.72 lakh and a penalty of Rs 3.20 lakh.

The Gujarat GST authority has alleged an excess claim of GST credit, leading to the demand notice against ICICI Securities.

In response, the company stated that it intends to challenge the demand before the appellate authorities and has plans to file an appeal against the order before the Commissioner (Appeals).

Following this development, shares of ICICI Securities ended at Rs 719.85 apiece on the Bombay Stock Exchange (BSE), marking a decline of 0.54 per cent from the previous close.

(With Reuters inputs)