GSTAT Tribunal directs Praxis to deposit 3.68 crore plus 18 percent interest
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Praxis Home Retail has been directed by the GST Appellate Tribunal in Delhi to deposit about 3.68 crore rupees plus 18 percent interest in an anti-profiteering case. The order relates to the company's alleged failure to pass on GST rate reduction benefits from 28 percent to 18 percent on certain goods including modular kitchens between November 2017 and September 2019. The Tribunal accepted the DGAP investigation report. No separate penalty was imposed. Of the total, about 21,200 rupees is to be passed to the complainant, with the rest going to Consumer Welfare Funds. The company is evaluating options including filing an appeal.
Financial liability of about 3.68 crore plus 18 percent interest. Company may still appeal. Likely to weigh on near-term sentiment and financials.