Lyka Labs gets GST demand notice for Rs 73.22 lakh over export refund

LYKALABS · price

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AI summary

Lyka Labs received a GST show cause-cum-demand notice from CGST Mumbai East demanding Rs 73.22 lakh. The tax authority alleges the company wrongly claimed IGST refunds on exports under Advance Authorization for F.Y. 2020-21 to 2024-25, in alleged violation of Rule 96(10) of CGST Rules. The company is contesting the demand, arguing the rule was omitted in October 2024 without a saving clause, and points to favorable Kerala and Bombay High Court rulings. The company says there is no material impact on its financials or operations.

Likely market impact

Tax demand of about Rs 73 lakh is being contested. Company sees no material impact. Outcome may hinge on pending Supreme Court ruling on the rule.