Protean eGov Technologies Limited has informed the Exchange about receipt of order(s)/contract(s) under Maharashtra Value Added Act, 2002 (MVAT) and under MVAT read with the CST ACt, 1956
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Protean eGov Technologies has received two appeal orders from the Deputy Commissioner of Sales Tax (Appeals), Mumbai under the Maharashtra Value Added Tax Act, 2002. The first order confirms an MVAT demand of about ₹22.6 crore (including interest of ₹4.94 crore and penalty of ₹3.53 crore) related to PAN services for FY 2015-16. The second order confirms a CST demand of about ₹3.2 lakh (including interest and penalty) for the same period. Both orders stem from an assessment originally passed in April 2017, which was earlier remanded back by the Maharashtra Sales Tax Tribunal in January 2022. The company believes the demands are not maintainable and is evaluating options to file a further appeal. It has stated that there is no material impact expected on its financials or operations.
Investors should note that while the total tax demand is around ₹22.6 crore, the company is contesting the order and does not see a material financial impact. However, if the appeal fails, it could affect earnings, and the stock may see some short-term volatility on the news.