Intimation under Reg. 30 of SEBI (LODR) Regulations, 2015 for receipt of Order No. VAD-GST-001-APP-COMMR-663/68-2024-25 dated 28.03.2025 issued to the Company by Commissioner, Appeal.
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Jindal Hotels Ltd received an order dated 28 March 2025 from the GST Commissioner (Appeal) regarding a tax demand of about Rs. 4.58 crore originally raised under Section 74 of the CGST/GGST Act. The appeal largely went in the company's favour, with about Rs. 4.51 crore of the demand being set aside. However, a small portion was upheld: ITC demand of Rs. 6.92 lakh, penalty of Rs. 6.92 lakh, and interest of Rs. 2.13 lakh (already paid). The company believes the remaining demand is not sustainable and is evaluating a further appeal. A mandatory pre-deposit of 10% of the disputed ITC amount will be required before filing the next appeal.
The financial impact is minor given that most of the original demand was set aside. The company expects no material effect on its finances or operations, though it will need to set aside roughly Rs. 69,000 as a pre-deposit if it pursues a further appeal.