YES Bank Receives GST Tax Demand Notice of Rs 63.27 Crore

YES Bank has received a tax demand notice of Rs 63.27 crore from the Maharashtra Goods and Services Tax (GST) department. The bank disclosed this development in a regulatory filing on Saturday, June 6.

The order was issued by the Commissioner (Appeals) under the Central Goods and Services Tax (CGST) Act and was received by the bank on June 5. The case relates to GST matters for the period between July 2017 and June 2018.

According to the filing, the appellate authority has upheld an earlier order issued by the Joint Commissioner, CGST, in November 2024. YES Bank clarified that the latest order does not impose any fresh tax liability but only confirms the demand that had already been raised earlier.

The total demand of Rs 63.27 crore includes GST dues of Rs 31.63 crore and a penalty of Rs 31.63 crore. Interest, if applicable, may also have to be paid as per the order.

YES Bank said it has strong factual and legal grounds to support its position in the matter. The lender added that it does not expect the order to have any material impact on its financial condition, business operations, or other activities.

The bank further stated that it will take legal action against the order and plans to file an appeal before the appropriate authority within the prescribed timeline.