“The Company has received an order dated 28th August 2024 under Section 73 of the MGST Act 2017, & CGST Act, 2017 from the mentioned authority,” said the company in the exchange filing. The amount is inclusive of interest plus penalty.
The tax order specifies that the company owes close to ₹77.66 crore in tax component dues, and the remaining amount is covered with interest on the dues and penalty charges. The company also said that the demand has been raised due to a mismatch in the Input Tax Credit (ITC).
“As per given order, the total demand of ₹1,60,37,35,973.00/- (including tax Tax, component of ₹77,66,21,740 /- plus interest & of penalty) has been raised which is mainly on account of Mismatch of Input Tax Credit (ITC) with GSTR-2A and Difference in Turnover reported in GST returns,” said the company in the exchange filing.
The company is in the process of filing an appeal before the Joint Commissioner of State Tax and expects a favourable outcome, according to the filing. The company said that the demand notice is not maintainable and therefore, will not be of any material financial impact, as per the company’s statement.
