Quick Summary
The Yes Bank has been penalized by the Goods and Services Tax (GST) Department, Maharashtra that raised demand for disallowance of input tax credit (ITC) along with interest and also demand for penalty of Rs. 24,92,978/-. This penalty has been levied as per provision of section 73 of the Central Goods Services Tax Act, 2017 Maharashtra Goods Services Tax Act, 2017 as per exchange filling. In the same statement, the bank said that "Tax and interest demand in this matter is below the materi
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FAQ :
Yes Bank has been fined approximately £24,92,978 by the GST Department in Maharashtra.
The penalty was levied due to the disallowance of input tax credit (ITC) and associated interest.
The penalty is imposed under Section 73 of the Central Goods & Services Tax Act, 2017 and the Maharashtra Goods & Services Tax Act, 2017.
Yes Bank believes the demand is below its materiality threshold and does not expect a significant financial or operational impact. The bank is appealing the order.
No, Yes Bank has not complied with the order and has preferred an appeal or sought other legal remedies.
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