Yes Bank gets service tax demand order for Rs 6.42 crore

New Delhi, May 03, 2024.

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.

“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.