YES Bank evaded Rs 330 mn tax via ‘cut and pay’ scheme: GST authority

Bank refutes charges, says it has consulted experts who have confirmed that their interpretation of the law was correct and tenable

The anti-evasion wing of the goods and services tax (GST) department in Mumbai has alleged that YES Bank evaded central GST (CGST) dues, through a ‘cut and pay’ scheme, to the tune of Rs 330 million. The bank, however, said it had consulted tax experts who confirmed its interpretation of the law was correct and tenable.

A YES Bank spokesperson stated in an email response to queries sent by Business Standard: “It is in line with the prevalent industry practice across all banks. We will continue to engage closely with the tax department to resolve this.