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“GST Penalties: Yes Bank to Appeal Against Rs 6.87 Lakh Demands”

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“GST Penalties: Yes Bank to Appeal Against Rs 6.87 Lakh Demands”

Yes Bank announced today that it has received two GST demand orders, which imposed a penalty of over Rs 6.87 lakh in total. The two orders were issued…

Yes Bank announced today that it has received two GST demand orders, which imposed a penalty of over Rs 6.87 lakh in total. The two orders were issued by the GST Departments of Manipur and Punjab, and the penalty levied by them amounts to Rs 5.05 lakh and over Rs 1.81 lakh, respectively.

In its regulatory filing, Yes Bank stated that it received these orders on April 30, 2024, which demanded the reversal of input tax credit (ITC) along with interest and a penalty.

However, the bank clarified that the tax and interest demand is below the current material threshold limit applicable to the bank.

As a result, the bank does not expect any significant impact on its financial, operational, or other activities.

Yes Bank also stated that it intends to appeal against these orders and will take all necessary steps to challenge them.

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