Yes Bank Faces Rs 6.42 Cr Service Tax Demand
Yes Bank received a service tax demand order for Rs 6.42 crore, with the bank stating it will appeal the decision. Learn more about the tax demand and its potential impact on Yes Bank.
New Delhi, May 2 (PTI) 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.
"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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