Butterfly Gandhimathi Appliances Limited has informed the Exchange about Action(s) taken or orders passed
BUTTERFLY · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Butterfly Gandhimathi Appliances received a tax demand order of INR 9,20,854 from the Deputy Commissioner (ST), Vijayawada, Andhra Pradesh State GST, covering the period April 2021 to March 2022. The demand (tax of INR 5.21 lakhs, interest of INR 3.47 lakhs, and penalty of INR 52,151) was raised under Section 73 of the GST Act, 2017, on account of alleged disallowance of GST on credit notes issued to customers. The company plans to file an appeal before the Commissioner (Appeals) and expects a favourable outcome based on legal advice. Management has stated that there is no material impact on the company's financial position, operations, or other activities.
The demand amount is small in the context of a listed appliance company's financials, and the company is actively contesting the order, so any near-term impact on the stock is expected to be limited. Shareholders should watch for updates on the appeal outcome.