GST Department imposes Penalty of Rs.24 Lakh on Yes Bank

The Goods and Services Tax (GST) department in Maharashtra has penalized Yes Bank by demanding the disallowance of input tax credit (ITC), as well as interest and a penalty of Rs. 24,92,978.

According to the exchange filing, the penalty is based on Section 73 of the Central Goods and Services Tax Act, 2017 and the Maharashtra Goods and Services Tax Act, 2017.

The bank claims that “the tax and interest demand in this matter is below the materiality threshold limit currently applicable to the Bank. The Bank does not expect the Order to have a major impact on its financial, operational, or other activities.”

Yes Bank is pursuing a legal appeal or other legal action against the aforementioned order.

Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, mandates the disclosure of material information.