Endurance Technologies Limited has informed the Exchange about update on GST demand order
ENDURANCE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Endurance Technologies has received a fresh GST demand order from the Deputy Commissioner, Rudrapur, Uttarakhand. The original demand of Rs. 12.39 crore for FY 2021-22 (related to Input Tax Credit reversal mismatches) has been largely quashed. Out of the original demand, Rs. 12.07 crore has been dropped, and only Rs. 32.49 lakh has been confirmed (comprising tax of Rs. 17.72 lakh, interest of Rs. 12.80 lakh, and penalty of Rs. 1.97 lakh). The company states there is no material impact on its financials or operations. The matter is being appealed as the authority allegedly did not fully consider supporting documents submitted by the company.
The significant reduction in GST demand (from Rs. 12.39 crore to Rs. 32.49 lakh) is a positive development. The small confirmed amount is unlikely to materially impact the company's financials or stock price. The company's decision to appeal the remaining amount signals confidence in its legal position.