YES Bank revealed on Wednesday that it has been slapped with two GST demand orders, totalling a penalty exceeding Rs 6.87 lakh. The penalties, issued by the Manipur and Punjab GST departments, stand at Rs 5.05 lakh and over Rs 1.81 lakh, respectively.
In its official filing with regulators, YES Bank revealed the reception of these orders on April 30, 2024. These directives call for the reversal of input tax credit (ITC), accompanied by interest and penalties. Despite the substantial nature of these penalties, the bank reassured stakeholders that the overall tax and interest liabilities fall below the material threshold limit applicable to the bank.
"YES Bank does not anticipate any substantial repercussions on its financial, operational, or other functions due to these directives," affirmed the bank. Nevertheless, it underscored its commitment to challenging these orders through the appeals process.
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