KNR Constructions Limited has informed the Exchange regarding 'Additional Commissioner Of Commercial Taxes (SMR)-3, Bengaluru'.
KNRCON · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
KNR Constructions has received a revisional order dated 7th February 2024 from the Additional Commissioner of Commercial Taxes (SMR)-3, Bengaluru, under Section 73(9) of the KGST/SGST Act, 2017. The order pertains to the tax period July 2017 to March 2018 and raises a demand of ₹26,42,702 (about ₹26.4 lakhs) related to transitional credit on capital goods that the company claimed under GST's TRANS1 form, which was not accepted by the GST department. The company has stated it will appeal the order before the appropriate authority and noted that there is no material impact on its financial, operational, or other activities. The company also acknowledged a delay in intimating the exchanges and requested condonation of the same.
The financial impact is minor (around ₹26.4 lakhs) and the company is contesting the order through appeal, so this is unlikely to meaningfully affect shareholders or the stock price.