Kalpataru Projects International Limited has informed the Exchange about Action(s) taken or orders passed
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Kalpataru Projects International Limited received an order from the GST Authority on 15th May 2025 under Section 74 of the SGST Act, 2017, demanding a penalty of INR 10.96 lakhs. The order pertains to the erstwhile JMC Projects (India) Limited (now amalgamated with the company) for financial year 2018-19, alleging wrong availment of Input Tax Credit. The company has stated that it has a strong case to defend and will file an appeal before the Appellate Authority within the prescribed timelines. Management has clarified that the penalty does not have any significant impact on the company's financials.
The penalty amount is small (INR 10.96 lakhs) relative to the company's size, and the company plans to appeal, so the immediate financial impact on shareholders is negligible. However, the order highlights ongoing tax-related compliance matters from the legacy JMC Projects amalgamation that investors should monitor.