IndusInd, India’s fifth-largest private lender with a $63 billion balance sheet, is under scrutiny as the external review unfolds.
IndusInd Bank shares will be in focus on Tuesday after the private sector lender disclosed that it has been slapped with a Rs 30.15 crore penalty by the Joint Commissioner of CGST & Central Excise, Thane Commissionerate, over various GST-related issues under Section 122(1)(ii) of the CGST Act, 2017.
“We hereby inform that a penalty of Rs 30,15,18,000/- has been imposed on the Bank by the Joint Commissioner of CGST & Central Excise, Thane Commissionerate, for various GST issues. The Bank will explore filing an appeal against the order,” IndusInd Bank said in an exchange filing.
While the exact nature of the GST discrepancies was not disclosed, the bank stated that it is evaluating legal options to challenge the penalty.
Source #ET
