Arkade Developers Limited has informed the Exchange about Order received from CGST Authority.
ARKADE · price
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Arkade Developers received an order from Assistant Commissioner (Appeals Thane), CGST Authority regarding a tax demand of Rs 1,14,62,603 and a penalty of Rs 11,46,260 under the CGST Act, 2017. The GST department disallowed Input Tax Credit for certain transactions during FY 2019-20, FY 2020-21, and FY 2021-22. The company states there is no material impact on its financial or operational activities and is considering filing an appeal after seeking legal opinion.
The penalty is relatively modest at ~Rs 1.15 crore on a tax demand of ~Rs 11.46 crore. The company denies material impact and is appealing the order, suggesting this is unlikely to significantly affect the stock in the near term unless the appeal fails.