Interarch Building Solutions Limited has informed the Exchange about General Updates
INTERARCH · price
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Awaiting price reaction for this filing.
Interarch Building Solutions has received a DRC-07 notice under Section 74 of GST law from the Bengaluru North CBIC authority. The notice pertains to excess Input Tax Credit (ITC) claimed in GSTR 3B returns for FY 2018-2019. The total demand is Rs. 25.10 lakh, comprising Rs. 12.55 lakh in tax and an equal amount as penalty. The company states the notice was delayed in receipt due to a technical error on the GST portal. The company plans to file an appeal against this notice within the 90-day window.
The financial impact is relatively small at Rs. 25.10 lakh, which is immaterial relative to the company's operations. However, the outcome of the appeal process remains uncertain and any adverse ruling could affect financials in the longer term.