Delhivery Limited has informed the Exchange about orders passed under GST Act
DELHIVERY · price
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On the reaction day the stock moved 3.6 pts more than Nifty Smallcap 250 and 3.5 pts more than its Logistics Solution Provider peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Delhivery has received a demand order from the Joint Commissioner, CGST Commissionerate, Faridabad, for ₹49.19 crore plus applicable interest and a penalty equal to 100% of the tax demand. The order, passed under Section 74 of the CGST Act, 2017, relates to alleged short or non-payment of GST on certain services for the period from FY 2018-19 to July 2022, stemming from a dispute over the applicable GST rate on these services. The company had previously escalated the tax rate interpretation issue to the GST Council through an industry forum in September 2024. Delhivery states that it is hopeful of a favourable outcome at higher forums and does not expect any material financial impact on its operations or financials.
In the near term, the stock may see some negative sentiment due to the large tax demand, but since the company is contesting the order and expects a favourable ruling, any lasting financial impact is likely to be limited. Shareholders should watch for updates on the appeal process at higher tax forums.