Rs 1.82-crore penalty on IndusInd Bank

Ramkrishan Upadhyay

Tribune News Service

Chandigarh, November 30

The UT Excise  and Taxation Department has imposed  a penalty of  Rs 1.82  crore on IndusInd Bank  after it found  a “huge  difference in the filing of GST returns”.  

Sources said the department had asked the bank to deposit over Rs 4  crore, including the GST, interest  and the penalty. 

Under the GST law, every registered person is liable to pay taxes and file returns on a monthly basis. The payment of taxes is made on GSTR-3B and the report of transactions of supply/receipt  of goods and services is filed in the GSTR-1 form. All these returns are filed on the GSTN portal. As per law, if the taxes paid on the GSTR-3B are less than the liability as per the GSTR-1, the difference is reported by the GSTN. In this case, there was a huge difference in the GSTR-1 and GSTR-3B of the bank. As per the GSTR-1, the tax paid in the GSTR-3B was less by Rs 1.82 crore. A tax of Rs 1.82 crore was levied and an equal amount of penalty was imposed. An interest of Rs 41 lakh for the delay in the payment was also imposed.