Yes Bank has been fined ₹3.30 crore by the Uttar Pradesh GST department. This fine is related to GST matters for the financial year 2021–22.
The tax department says Yes Bank did not fully comply with some GST rules. Because of this, they issued a penalty under Section 73 of the GST law, which is used when tax authorities believe tax was underpaid or not paid correctly. In this case:
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The tax department found discrepancies related to GST compliance.
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Since it was treated as a non-fraud case, Section 73 was applied instead of stricter provisions.
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The department issued a demand for the unpaid tax along with interest and a penalty, leading to the ₹3.3 crore amount.
The exact reasons for the penalty were not clearly mentioned in the public filing but it is cleared that the penalty was levied due to GST compliance lapses, not because of deliberate tax evasion, under the provisions of GST law applicable in Uttar Pradesh.
As of 10:30 am today, Yes Bank’s share price was unchanged (flat) at ₹21.66 on the NSE, meaning investors are not very worried about this news right now.
Note: Section 73 of the CGST Act, 2017 and UP GST Act, 2017 deals with cases where tax has not been paid, short-paid, wrongly claimed, or wrongly refunded, without any intent to commit fraud or willful misstatement.