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IndusInd Bank Imposed ₹94 Lakh Penalty by Rajasthan Tax Department for GST Violations
Team Finance Saathi
17/Jan/2025
What's covered under the Article:
- IndusInd Bank has been fined Rs. 94,14,172 by the Joint Commissioner of the Rajasthan State Tax Department for GST violations.
- The penalty, which includes tax, interest, and fines, amounts to Rs. 2,82,78,694.
- The bank intends to explore filing an appeal against the order.
On January 17, 2025, IndusInd Bank disclosed that it had been imposed with a penalty of Rs. 94,14,172 by the Joint Commissioner of State Tax Department, Rajasthan, following an order under Section 74 of the Central Goods and Services Tax (CGST) Act, 2017 and the Rajasthan Goods and Services Tax (RGST) Act, 2017. The fine is the result of various GST issues faced by the bank, although the specific details of the violations were not disclosed.
In addition to the penalty, the total financial impact of the GST issues has been calculated at Rs. 2,82,78,694, which includes the tax amount, interest, and penalty. IndusInd Bank has expressed its intent to explore the possibility of filing an appeal against this order.
The SEBI disclosure filed by the bank provides detailed information on the violation, including the order receipt date and the nature of the actions taken. The penalty’s impact on the bank’s operations and finances has been highlighted, but the bank has yet to quantify the full effect on its operations.
This disclosure is part of the bank’s compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and is also made available on the bank’s official website.
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