YES Bank gets tax demand notice from Maharashtra GST department

YES Bank has received an order from the Maharashtra Goods and Services Tax (GST) department’s appellate authority confirming a tax demand and penalty totaling ₹63.27 crore for the period from July 2017 to June 2018, the private sector lender said in a regulatory filing on Saturday (June 6).The order was passed by the Commissioner (Appeals) under Section 107(11) of the Central Goods and Services Tax (CGST) Act and was received by the bank on June 5.

According to the filing, the appellate order upholds an earlier Order-in-Original issued by the Joint Commissioner, CGST, in November 2024. The bank clarified that the latest order does not create any new or additional demand and merely confirms the demand raised earlier.
The demand comprises GST dues of ₹31.63 crore and an equivalent penalty of ₹31.63 crore, taking the total amount involved to ₹63.27 crore. Applicable interest may also be payable as per the order.YES Bank said the matter relates to GST issues for the period between July 2017 and June 2018.

The lender stated that it believes it has adequate factual and legal grounds to support its position and does not expect any material impact on its financial condition, operations or other activities due to the order.

The bank said it will pursue available legal remedies, including filing an appeal against the appellate authority’s decision within the prescribed timelines.