New Delhi, May 2 (PTI) 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.

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It said the tax and interest demand is below the material threshold limit currently applicable to the bank.

"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.

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The bank will pursue an appeal against the order, it added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)