Corporate Announcement under regulation 30 of the SEBI (LODR) Regulations regarding demand under 74 of GST Act, 2017
ASHIANA · price
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Ashiana Housing has received a GST demand order from the CGST & CX Range, Adityapur-VI, Jamshedpur, for its Jamshedpur operations in FY 2019-20. The order demands tax of Rs. 10,67,747 along with an equal penalty of Rs. 10,67,747, citing alleged short payment of GST. The company notes it had already voluntarily paid the original tax liability of Rs. 10,67,747 via Form DRC-03 during the same financial year. Ashiana plans to contest the order, including the penalty component, before the appropriate appellate authority. The company has stated there is no significant impact on its financial or operational performance.
The financial impact is limited since the underlying tax was already paid voluntarily, and the additional amount at stake (Rs. 10.67 lakh tax + Rs. 10.67 lakh penalty) is immaterial relative to the company's size. Shareholders should note the matter remains contested, but near-term business operations are unaffected.