Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
ARVINDFASN · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Arvind Fashions has received a tax demand of Rs. 5,40,75,947 (about Rs. 5.41 crore) from the Joint Commissioner of Central Tax, Bengaluru, related to disallowance of input tax credit (IGST) for Assessment Years 2019-2020 and 2020-2021. The tax authority has cited contravention of Section 16(2) of the CGST Act, 2017, and has also imposed interest under Section 50(3). The company has stated it will file an appeal before the appropriate forum and believes it has strong factual and legal grounds to contest the demand. The company has clarified that expected financial implications are nil as it intends to dispute the entire order.
No immediate financial impact as the company plans to challenge the demand in appeal. However, if the appeal is unsuccessful, the company could face an outgo of around Rs. 5.41 crore plus interest, which is small relative to the company's scale but worth monitoring for investors.