Taj GVK Hotels & Resorts Limited has informed the Exchange regarding 'Order copy'.
TAJGVK · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Taj GVK Hotels informed the exchanges that the Telangana VAT Appellate Tribunal has dismissed its appeals against two revision orders from 2014 related to FY 2008-09. The dispute pertains to differential VAT on hiring of banquet equipment for its Taj Krishna and Taj Deccan hotels in Hyderabad. For Taj Krishna, the total demand is Rs. 13.36 lakhs of which Rs. 6.68 lakhs has already been paid, leaving a balance of Rs. 6.68 lakhs. For Taj Deccan, the total demand is Rs. 4.88 lakhs of which Rs. 2.44 lakhs has already been paid, leaving a balance of Rs. 2.44 lakhs. The combined balance payable is approximately Rs. 9.12 lakhs, to be paid within seven days of receiving the notice. The company has stated there is no material impact on operations or other activities.
This is a minor tax liability (under Rs. 10 lakhs combined) for an old FY 2008-09 dispute. Half the amount has already been paid, so the remaining cash outflow is small and unlikely to affect the stock price or operations.