PSP Projects Limited has informed the Exchange about Action(s) taken or orders passed
PSPPROJECT · price
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Awaiting price reaction for this filing.
PSP Projects Limited has received an order from the GST Authority (Assistant Commissioner, Ahmedabad) under Section 74 of the CGST Act, 2017 for financial year 2019-2020. The authority has imposed a penalty of ₹91,48,707 on the company, alleging that it had availed Input Tax Credit from cancelled, non-genuine, non-existent taxpayers and return/tax defaulters. The company has stated that this order will not have any material impact on its financials or operations. The company is in the process of filing an appeal with the appellate authority against this order.
The penalty amount of about ₹91.49 lakhs is relatively small compared to the company's size, and management confirms no material financial or operational impact. However, investors should track the appeal outcome, as an unfavorable final ruling could affect future tax provisions or cash outflows.