YES BANK has been issued an order by the Maharashtra Goods and Services Tax department imposing a penalty of Rs. 79,38,000/-. This penalty relates to assessment periods spanning from FY 2019-20 to FY 2021-22 concerning an Input Tax Credit (ITC) matter. The Bank maintains it has valid grounds to challenge the levy and plans to pursue a legal remedy, including filing an appeal, asserting that no material financial or operational impact is expected.
Regulatory Penalty Intimation
YES BANK today announced the receipt of an order from the Goods and Services Tax (“GST”) department in Maharashtra dated March 25, 2026. The order pertains to tax assessments covering the financial years from FY 2019-20 through FY 2021-22. The announcement was made in compliance with disclosure requirements following the close of the trading day.
Details of the Levy
The GST authority has levied a monetary penalty amounting to Rs. 79,38,000/- (Rupees Seventy Nine Lacs Thirty Eight Thousand only). This penalty was imposed under specific provisions of the Central Goods and Services Tax Act, 2017 (“CGST Act”) and the Maharashtra Goods and Services Tax Act, 2017 (“MGST Act”). The core issue driving the penalty relates to the Levy of penalty pertaining to Input Tax Credit (ITC) matter.
Bank’s Response and Outlook
YES BANK currently holds the belief that it possesses sufficient factual and legal standing to reasonably defend its position regarding this tax matter. Crucially, the management currently does not expect any material impact on the Bank’s financial status, operations, or other activities arising from this specific Order at this juncture. The Bank confirms its intention to take the necessary legal steps to contest the decision, which includes filing an appeal within the prescribed time limits.
Source: BSE
