IndusInd Bank Limited has disclosed that it has received a penalty order from the Joint Commissioner of CGST & Central Excise, Thane Commissionerate, amounting to ₹30.15 crore. The order, dated March 24, 2025, was issued under Section 122(1)(ii) of the Central Goods and Services Tax (CGST) Act, 2017, citing various GST-related issues.
In a regulatory filing with the National Stock Exchange (NSE) and BSE, the bank stated that it is currently evaluating the option of filing an appeal against the order. The financial penalty is solely on account of GST-related matters and is expected to have a quantifiable monetary impact of ₹30.15 crore, but no immediate operational disruptions have been indicated.
This disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The bank has assured that all necessary information is being made available to the public and the update is also accessible on their official website.
The development adds to a series of regulatory actions across the banking sector in recent months, with compliance and taxation practices coming under sharper scrutiny from tax authorities.
IndusInd Bank is likely to provide further clarification on its course of action in upcoming regulatory communications. Investors and stakeholders are closely monitoring the situation as the bank explores legal remedies.
