• Rajasthan

    Cong 99
    BJP 73
    RLM 3
    OTH 24
  • Madhya Pradesh

    Cong 114
    BJP 109
    BSP 2
    OTH 5
  • Chhattisgarh

    Cong 67
    BJP 15
    JCC 7
    OTH 0
  • Telangana

    TRS-AIMIM 95
    TDP-Cong 21
    BJP 1
    OTH 2
  • Mizoram

    MNF 26
    Cong 5
    BJP 1
    OTH 8

* Total Tally Reflects Leads + Wins

RBI slaps Yes Bank with Rs 38 crore over GST violations

By: | Updated: September 21, 2018 6:21 PM

Midsized private sector lender Yes Bank has paid Rs 38 crore in fines to the GST department for alleged violations in domestic remittances, officials said Friday.

yes bank, investors, stock, market cap, यस बैंकMidsized private sector lender Yes Bank has paid Rs 38 crore in fines to the GST department for alleged violations in domestic remittances, officials said Friday. (Reuters)

Midsized private sector lender Yes Bank has paid Rs 38 crore in fines to the GST department for alleged violations in domestic remittances, officials said Friday. Sources, however, said the money has been paid “in protest” and the lender believes that it has not violated any norms.

The bank, which saw Friday its stocks bleed as much as over 35 per cent intra-day and close with a loss of 29 percent after news came out that the RBI has asked incumbent CEO Rana Kapoor to step aside by end of next January, has paid the fine earlier this week. Many peers have received similar demands and the “in protest” protest payment will be taken to its logical end, the officials added.

The issue relates to remittances by migrants from urban pockets to their homes in rural areas. The tax department feels the bank has violated norms and under-paid the tax, while the bank feels the opposite.

Over Rs 32 crore has been paid to the GST department, while Rs 6 crore has been paid in service tax which has been replaced by GST from July 2017.

Sources also claimed that there was no formal demand or even a showcause notice to the bank and the payment was made on the basis of the demand made during “bilateral meetings” with the tax authorities. A bank spokesperson was not immediately available for comment.

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