Intimation under Regulation 30 of SEBI Listing Regulations - Reduction in GST demand including penalty amount - GST Appellate Authority Order
Awaiting price reaction for this filing.
Piramal Enterprises Limited (PEL) received a favorable order from the GST Appellate Authority on May 29, 2025. The demand, including penalty, originally imposed by the Deputy Commissioner of State Tax, Maharashtra, has been slashed from Rs. 1,502 crore to just Rs. 9.22 crore — a reduction of over 99%. The appellate authority accepted the company's submissions and ruled that PEL had complied with the conditions under the applicable GST provisions. The original order had been communicated to the stock exchanges on February 28, 2025. The company described the ruling as a significant vindication of its position.
This is a major positive for shareholders as it removes a potential liability of nearly Rs. 1,493 crore, easing balance-sheet concerns and reducing regulatory uncertainty around the stock. The ruling reinforces investor confidence in the company's compliance and legal standing.