Sasken Technologies Limited has informed the Exchange about Action(s) initiated or orders passed
SASKEN · price
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Sasken Technologies has informed the exchanges about an Order-in-Original passed under Section 74(9) of the CGST/TNGST Act, 2017, covering the period April 2019 to March 2024. The tax demand totals about Rs. 19.23 lakh, broken down as excess refund claim (Rs. 13.91 lakh), non-reversal of input tax credit on credit notes (Rs. 5.11 lakh), and excess ITC claim in GSTR-3B vs GSTR-2A/2B (Rs. 20,774). Additionally, a 100% penalty of Rs. 19.42 lakh and applicable interest have been imposed. The company has stated there is no material impact on its financials or operations and plans to appeal the order before the Commissioner of Appeals.
The financial impact is immaterial given the small order size (under Rs. 20 lakh) relative to Sasken's overall business, though the 100% penalty under Section 74 suggests the GST department is alleging wilful misstatement. The matter is appealable and is unlikely to move the stock, but investors should watch the appeal outcome.