Gujarat tax order for FY 2021-22, no material impact expected
TVSSCS · price
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On the reaction day the stock moved 0.6 pts more than Nifty Microcap 250 and 0.7 pts more than its Logistics Solution Provider peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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TVS Supply Chain Solutions received an order from Gujarat State Tax Authority for FY 2021-22 on short payment of Reverse Charge liability and availment of ineligible credit. Total demand is about Rs 82.86 lakh, comprising tax of Rs 45.59 lakh, interest of Rs 32.71 lakh, and penalty of Rs 4.56 lakh. The company says this will not have a material impact on its financials or operations, and will appeal the order within prescribed timelines.
Small one-time tax demand, under Rs 1 crore. Company calls it immaterial and will appeal. Limited effect on stock expected.