Yes Bank faces penalty of Rs 3 crore by Tamil Nadu GST department

Yes Bank, the private sector lender, on Monday received a tax receipt worth Rs 3 crore from the Tamil Nadu Goods and Services Tax (GST) department on December 31, 2023, on account of various GST issues.

As per the exchange filing, the private sector lender was fined Rs 3,01,50,149 by the department. However, the bank does not expect any material impact on its financial or other operational activities due to the order.

Further, the bank also added that it would pursue legal options against the order.

Recently, the bank had received two separate tax notices from the Bihar GST department for Rs 20,000 and Rs 1,38,584, respectively, in December.

Yesterday, the private bank announced that it has received Rs 150 crore from a single trust in the Security Receipts Portfolio from its sale of Non-Performing Assets (NPA) portfolio.

At 1:20 PM, Yes Bank traded 4.90 per cent higher at Rs 22.50 on the National Stock Exchange on Monday.