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 materiality threshold limit currently applicable to the Bank and The Bank does not foresee the said Order to have any unreasonable effect on its financial or operation and other activities of the Bank."
Yes Bank has not complied with the said Order for the following reasons:
Yes Bank is a law-abiding company but it believes in the doctrine of legal challenge / any other legal remedy and therefore it has preferred an appeal / any other legal remedy against the said Order.
Disclosure of material information is mandated under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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