Intimation under Regulation 30 - Clause 8 of Para B of Part A of Schedule III of the SEBI (LODR) Regulations, 2015
ABANSENT · price
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Awaiting price reaction for this filing.
Abans Enterprises has disclosed that the Additional Commissioner of State Tax (Enforcement), Gujarat, has issued a GST demand order under Section 74 of the GGST & CGST Act, 2017 against its wholly owned subsidiary Abans Jewels Limited. The demand of Rs. 2.77 crore (covering tax, interest, and penalty) stems from denial of Input Tax Credit for FY 2018-19 because the GST registration of one of its suppliers was retrospectively cancelled. The company plans to file an appeal before higher appellate forums within the prescribed timelines and believes it has strong factual and legal grounds to contest the order. Management expects the substantial portion of the demand to subside and has stated there is no impact on the financial operations or activities of the company.
The Rs. 2.77 crore demand is on a subsidiary, not the listed entity directly, and is being contested. Short-term overhang exists pending appeal outcome, but given the modest size and management's confidence, the impact on the stock is likely limited unless the demand is upheld.