Yes Bank on Wednesday said it has received two GST demand orders, which levied a penalty of over Rs 6.87 lakh.
Yes Bank has been issued two GST demand notices, imposing a penalty totaling more than Rs 6.87 lakh
Yes Bank on Wednesday said it has received two GST demand orders, which levied a penalty of over Rs 6.87 lakh.
The penalty levied by the Manipur and Punjab GST departments amounts to Rs 5.05 lakh and over Rs 1.81 lakh, respectively.
"The bank has received two orders from the Goods and Services Tax (GST) Department, Manipur and Punjab...on April 30, 2024, raising demand for reversal of input tax credit (ITC) along with interest and levy of a penalty of Rs 5,05,940 and Rs 1,81,623, respectively," Yes Bank said in a regulatory filing.
It said the tax and interest demand is below the material threshold limit currently applicable to the bank.
"The bank does not expect any material impact on the financial, operation or other activities of the bank due to the said orders," it said.
In the latest quarterly earnings, the private lender reported a net profit of Rs 452 crore, a 123 per cent increase from the Rs 202 crore recorded in the same period last year.
However, despite the surge in profit figures, the bank's net interest margins remained relatively flat at 2.4 per cent.
The net interest income, on the other hand, witnessed a slight increase reaching Rs 2,153 crore, up by 2 per cent from Rs 2,105 crore in the corresponding quarter of the previous fiscal year.
On an annual basis, the shares of the banking firm have given a return of more than 63 per cent on the National Stock Exchange.
(With Inputs From PTI)