Yes Bank announced on Saturday, June 6, that it has received a demand notice of Rs 63 crore for the period July 2017- June 2018 from the Goods and Services Tax (GST) department, Maharashtra on June 05, 2026, passed by Commissioner (Appeals). ''The total demand including penalty is Rs. 63,26,98,888 in relation to the GST matter,'' said Yes Bank in a regulatory filing to the stock exchanges. ''The Bank will take appropriate steps, including contesting the Order through appeal within the prescribed timelines,'' it added.
The violation involved a GST demand along with levy of penalty and applicable interest, according to the exchange filing. 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 Order,'' said Yes Bank.
''The Bank will take necessary legal remedy against the said order including filing an appeal,'' it added.
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