Yes Bank Faces Service Tax Demand of Rs. 6.42 Crores

Yes Bank faces a service tax demand order with a penalty of Rs 6.42 crore by the GST Commissioner. The bank considers the demand below the material threshold and expects no substantial impact. It plans to appeal against the order.

Yes Bank on Thursday said it has received a service tax demand order, which levied a penalty of over Rs 6.42 crore.

''The Bank has received an order from the Office of the Commissioner of GST & Central Excise, Maharashtra on May 02, 2024, confirming tax liability on a service tax issue along with interest and levy of a penalty of Rs 6,41,84,437,'' the lender said in a regulatory filing.

It said the tax and interest demand is below the material threshold limit currently applicable to the bank.

''The bank does not expect any material impact on financial, operation or other activities of the bank due to the said order,'' Yes Bank said.

The bank will pursue an appeal against the order, it added.

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