Afcons Infrastructure Limited has informed the Exchange about details of order received from GST Authority.
AFCONS · price
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Awaiting price reaction for this filing.
Afcons Infrastructure has received a penalty order of Rs. 44,71,648 from the Deputy Commissioner of State Tax, Gwalior, under Section 73 of the CGST Act 2017. The penalty relates to alleged incorrect availment of ineligible input tax credit for the period August–September 2024 (FY 2024-25). The company has decided to pay the penalty and close the matter without contesting it. Management has stated that there is no material impact on the company's financials, operations, or other activities.
The penalty amount is small (around Rs. 44.7 lakhs) and the company itself says there is no material impact, so this is unlikely to affect the stock price or shareholder value meaningfully. It is a routine tax compliance matter that has been resolved quickly by paying the demand.