Kalpataru Limited has informed the Exchange about an Order received by Agile Real Estate Private Limited, a subsidiary of the Company, from Joint Commissioner, CGST Office, Mumbai
KALPATARU · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Agile Real Estate Private Limited (AREPL), a subsidiary of Kalpataru Limited, has received an order from the Joint Commissioner of CGST, Mumbai – West, for FY 2019-20. The order raises a tax demand of about Rs. 2.52 crore plus interest and an equivalent amount as penalty, citing short reversal of input tax credit (ITC). AREPL plans to file an appeal with the appropriate GST Appellate Authority and believes it has a strong case. The company has clarified that this order does not have a material financial impact on Kalpataru Limited.
Minor negative — a relatively small tax demand on a subsidiary which the company considers non-material. Investors should watch the appeal outcome, but near-term impact on the stock is likely limited.