Yes Bank faces Rs.63 Crore GST demand for FY 2017-19
According to an exchange filing, Yes Bank received two Orders related to FY 2017-18 and FY 2018-19 from the Goods and Services Tax Department, Maharashtra on November 22, 2024. The total demand for both Orders is Rs. 63,26,98,888/- including penalty is Rs. 4,94,81,248/- and Rs.58,32,17,640/- for FY 2017-18 and FY 2018-19 respectively.
The Orders have been issued under Section 74 of the Central Goods and Services Tax Act, 2017, and Maharashtra Goods and Services Tax Act, 2017. The company is likely to file an appeal against the said Orders.
"The Bank believes that it has adequate 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," Yes Bank said in the exchange filing.
The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
