Yes Bank hits with GST Demand of Rs.63 Crore for FY 2017-19

Yes Bank has received two orders from the Goods and Services Tax Department of Maharashtra on November 22, 2024, for the financial years 2017-18 and 2018-19, according to an exchange filing.

The entire demand for both Orders is Rs.63,26,98,888, including the penalty of Rs.4,94,81,248 and Rs.58,32,17,640 for the financial years 2017-18 and 2018-19, respectively.

The Orders have been issued under Sections 74 of the Central Goods and Services Tax Act of 2017 and the Maharashtra Goods and Services Tax Act of 2017. The company is likely to pursue an appeal against the aforementioned orders.

“The Bank thinks that it has enough factual and legal grounds to reasonably substantiate its position in this matter and at this juncture, it does not expect any material impact on financial, operation or other activities due to the said Orders,” the exchange filing stated.