Hi Rachna, sorry for the delay in reply! I was busy with my regular office stuff, so took time to get back.
From the kind of error, you have mentioned, it seems that you have a Lambda Layer ARN, which has its string value hard-coded in the CloudFormation template. And, since the ARN is also used some where else, you are getting an error.
When using with CloudFormation, you should deploy a new zip/package, which will generate a new ARN for you in every stack. Doc: https://docs.aws.amazon.com/AWSCloudFormation/latest/UserGuide/aws-resource-lambda-layerversion.html
Another option, is to use the SAM template, if you are only working with server less stuff. Doc: https://aws.amazon.com/blogs/compute/working-with-aws-lambda-and-lambda-layers-in-aws-sam/
Hope that helps!