Travel Food Services Limited has informed the Exchange regarding 'Regulation 30 - Update'.
TRAVELFOOD · price
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Travel Food Services received a rectification order dated May 21, 2026, from the Office of the Commissioner of CGST and Central Excise, Mumbai Central. The order substantially reduced an earlier tax demand and penalty from INR 40.20 crore to INR 14.40 crore (tax demand of INR 7.20 crore and penalty of INR 7.20 crore). Interest may apply but has not been quantified. The original demand arose from alleged variance in tax liability due to mismatched ITC claims. The company states the demand has no material impact on its financials or operations and is evaluating further legal remedies including filing an appeal.
The significant reduction in tax demand is a positive development for the company, as the liability has been cut by approximately 64%. However, the company believes the order still does not fully consider its submissions and plans to appeal further, suggesting ongoing uncertainty around the final tax liability.