Ineligible ITC Reversal: Yes Bank gets GST Demand Notice of Rs. 6.87 Lakhs

Yes Bank also mentioned its intention to appeal against these orders.
Ineligible ITC Reversal - Yes Bank - GST Demand Notice - TAXSCAN

Yes Bank announced on Wednesday that it has been issued two GST demand orders, imposing a penalty exceeding Rs 6.87 lakh, in a regulatory filing.

The penalties, imposed by the Manipur and Punjab GST departments, amount to Rs 5.05 lakh and over Rs 1.81 lakh, respectively.

In a regulatory filing, Yes Bank stated, “The bank has received two orders from the Goods and Services Tax ( GST ) Department, Manipur and Punjab…on April 30, 2024, demanding reversal of input tax credit ( ITC ) along with interest and imposing penalties of Rs 5,05,940 and Rs 1,81,623, respectively.”

The bank clarified that the tax and interest demands fall below the material threshold limit currently applicable to the bank. It further stated, “The bank does not anticipate any significant impact on its financial, operational, or other activities as a result of these orders.”

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