IndusInd Bank has received a penalty order amounting to Rs 30.15 crore from the Joint Commissioner of CGST and Central Excise, Thane Commissionerate, over alleged Goods and Services Tax (GST) compliance issues. The bank has disclosed the development in a regulatory filing dated March 24, 2025.
The penalty has been imposed under Section 111 (1) (ii) of the CGST Act, 2017 on accounts of various GST issues. While the nature of the GST issues has been detailed in the filing, the bank has confirmed that it will appeal against the order.
As per the filing, the penalty amounts to Rs 30.15 crore. The filing was addressed to major stock exchanges, including the National Stock Exchange (NSE), BSE Limited, and the Luxembourg Stock Exchange. IndusInd Bank also stated that the development is also being published on its official website to ensure transparency for stakeholders and investors.
The IndusInd Bank is also expected to get a detailed report from its external auditor PwC on Friday. The report is likely to shed light on accounting inconsistencies related to its derivatives portfolio, as per the sources of PTI. The comprehensive report is also expected to highlight lapses across different levels within the organization, point out areas of failure and will also suggest remedial measures.
Meanwhile the Bank’s board has also brought in Grant Thornton to conduct a forensic audit following the discovery of a Rs 1,580 crore discrepancy in its derivatives portfolio reported earlier this month, according to the two individuals familiar with the matter told Reuters. The audit will also investigate potential instances of fraud or any internal statement.
(With inputs from PTI and Reuters)