GST demand notice of about Rs 1.13 crore from tax authority
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Diligent Media Corporation has received a Show Cause Cum Demand Notice from the CGST Anti-Evasion wing in Mumbai. The notice proposes recovery of about Rs 1.08 crore of Input Tax Credit availed in FY 2021-22 from a vendor whose GST registration was cancelled retroactively, plus an additional Rs 4.90 lakh for short-payment of outward tax in FY 2020-21, along with interest and penalty. Total exposure is about Rs 1.13 crore. The company is seeking legal advice and plans to challenge the demand before the appellate authority.
Tax demand of about Rs 1.13 crore plus interest and penalty. Company plans to appeal. Limited immediate impact on operations.