IIFL Finance Limited has informed the Exchange about order passed by Goods and Services Tax Department, Delhi and the details of such order is annexed herewith.
IIFL · price
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IIFL Finance has received an order from the Assistant Commissioner of GST, Delhi, imposing a penalty of Rs. 15.05 lakhs. The penalty is for alleged non-payment of tax on Exempt Supplies for the financial year April 2021 to March 2022. The order was passed under the Central GST Act, 2017 and Section 73 of the Delhi GST Act, 2017. The company plans to file an appeal with the relevant appellate authority within the stipulated time. The company has stated there is no material impact on its financials, operations, or other activities due to this penalty.
The penalty amount is very small (Rs. 15.05 lakhs) compared to IIFL Finance's overall size, and the company has confirmed no material financial impact. The ongoing appeal may or may not reduce or reverse the penalty, but the direct effect on shareholders and stock price is likely negligible.