YES Bank Receives ₹33.1 Million GST Penalty Order from Uttar Pradesh Authority

YES Bank received a tax penalty order from the Uttar Pradesh Goods and Services Tax (GST) department, according to a regulatory filing submitted to the exchanges.

The private sector lender stated the order pertains to the 2021-22 fiscal year. The authority imposed a penalty of approximately ₹33.1 million regarding certain GST issues. This penalty is in addition to a tax demand and applicable interest levied by the department.

In its communication to the exchanges, Yes Bank indicated it intends to challenge the order. The bank stated it possesses "adequate factual and legal grounds to reasonably substantiate its position" in this matter.