Yes Bank has been slapped with a penalty of ₹3.30 crore by the Uttar Pradesh Goods and Services Tax department, the private sector lender disclosed in an exchange filing. The order, dated December 24, pertains to financial year 2021-22 and comes in addition to tax demands and applicable interest.
The penalty was imposed under Section 73 of the Central Goods and Services Tax Act, 2017 and the Uttar Pradesh Goods and Services Tax Act, 2017. The GST department raised demands on various issues, though specific details of the alleged violations were not disclosed in the bank’s regulatory filing.
Yes Bank informed the stock exchanges that it plans to contest the order through an appeal within prescribed timelines. The bank stated it has “adequate factual and legal grounds to reasonably substantiate its position” and does not expect any material impact on its financial, operational or other activities due to the order at this juncture.
