Yes Bank GST penalty reduced to Rs 3.02 Cr for FY 2021-22
Yes Bank received an Order-in-Appeal from the Uttar Pradesh Goods and Services Tax department on June 20, 2026, confirming a penalty of Rs 3.02 crore for FY 2021-22. The order, passed by the Additional Commissioner (Appeals), upholds the penalty under Section 73 of the Central Goods and Services Tax Act, 2017, in addition to tax demand and applicable interest. The bank stated it does not anticipate any material impact on its financial activities and intends to contest the order.
*this image is generated using AI for illustrative purposes only.
Yes Bank received an Order-in-Appeal from the Uttar Pradesh Goods and Services Tax (GST) department on June 20, 2026, confirming a penalty of Rs 3.02 crore pertaining to FY 2021-22. The order, passed by the Additional Commissioner (Appeals), upholds the penalty under Section 73 of the Central Goods and Services Tax Act, 2017, in addition to tax demand and applicable interest.
The bank had previously intimated the exchanges on December 25, 2025, regarding an Order-in-Original from the Joint Commissioner that levied a penalty of Rs 3.31 crore. The current order reduces the penalty demand to Rs 3,02,31,095 following a partial drop in demand in the bank's favor.
Financial Impact and Legal Position
Yes Bank stated that it believes it has adequate factual and legal grounds to substantiate its position. Consequently, the bank does not anticipate any material impact on its financial, operational, or other activities resulting from the order. The bank intends to take appropriate steps, including contesting the order through appeal within the prescribed timelines.
The disclosure was made to the National Stock Exchange of India Limited and BSE Limited in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
| Detail | Information |
|---|---|
| Authority | Uttar Pradesh GST department |
| Nature of Order | Order under Section 107(11) of the CGST Act |
| Date of Receipt | June 20, 2026 |
| Penalty Amount | Rs 3,02,31,095 |
Historical Stock Returns for Yes Bank
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.26% | -0.09% | -5.25% | +5.52% | +21.20% | +82.73% |
How might the outcome of Yes Bank's planned appeal influence its future GST compliance strategies?
Could this penalty signal increased scrutiny from tax authorities on other banks regarding similar GST filings?
What is the likelihood of further reductions in the penalty amount if the case escalates to a higher judicial authority?
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