The Yes Bank has been penalised by Goods and Services Tax (GST) department, Maharashtra raising demand for disallowance of input tax credit (ITC) along with interest and penalty of Rs. 24,92,978/-.
The penalty is in accordance with section 73 of the Central Goods and Services Tax Act, 2017 and Maharashtra Goods and Services Tax Act, 2017, according to exchange filing.
The bank states that “The tax and interest demand in this matter is below the materiality threshold limit currently applicable to the Bank. The Bank does not expect any significant impact on financial, operation or other activities of the Bank due to the said Order.”
Yes Bank is pursuing legal an appeal / any other legal remedy against the said Order.
Read more at: ET Legal World.com
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