HEXT · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Hexaware Technologies has received a favorable order from the Appellate Authority under the Tamil Nadu/Central Goods and Services Tax Act. The appellate authority set aside an earlier order that had raised a total demand of INR 15.13 crore, which included a penalty of INR 1.32 crore and applicable interest for FY2020-21. The original demand was related to an alleged non-payment of tax on non-realization of export proceeds within the stipulated timeline. As a result, the entire demand has been reduced to NIL. The company has confirmed there is no impact on its financials or operations due to this order.
Positive development for shareholders as the INR 15.13 crore demand, including penalty and interest, has been fully eliminated with no financial impact to the company.