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 received a favorable order from the GST Appellate Authority on 29th May 2025, reducing the earlier GST demand of Rs. 1,502 crore (including penalty and interest) imposed by the Deputy Commissioner of State Tax, Maharashtra, down to just Rs. 9.22 crore. The Appellate Authority examined the company's submissions and concluded that Piramal had complied with the relevant GST rules and regulations. The company had previously disclosed this matter in February 2025. Management described the order as a significant vindication of its position that it acted in good faith.
This is a major positive for shareholders as a Rs. 1,502 crore potential liability has been reduced by over 99% to Rs. 9.22 crore, removing a large overhang on the stock and validating the company's compliance stance.