IndusInd Bank Faces ₹30 Crore GST Penalty Over Compliance Issues | Image: IndusInd Bank (Representative)
The beleaguered private lender IndusInd Bank was slapped with Rs 30.15 crore Goods and Services Tax (GST) penalty. The GST penalty was imposed by the Joint Commissioner of CGST and Central Excise of the Thane Commissionerate over several compliance issues.
The private lender is already facing scrutiny for alleged discrepancies in its derivatives portfolio transactions and potential impact on the banks financials.
IndusInd Bank confirmed penalty of Rs 30,15,18,000 imposed by Thane CGST related to several GST issues in regulatory filings on Tuesday, adding that it was exploring filing of appeal against the order
The private bank management has reassured investors and depositors that it will remain profitable in the current quarter and the upcoming financial year.
The Reserve Bank of India (RBI) also issued a statement affirming that IndusInd Bank remains well-capitalised and that its financial position is stable.
