Updater Services Limited has informed the Exchange regarding 'Intimation under Regulation 30 SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015'.
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Updater Services Limited has received a revised order from the Joint Commissioner (ST), GST Appeals, Chennai, reducing the earlier GST demand from Rs. 17.93 lakh to Rs. 7.07 lakh under Section 73 of the CGST Act, 2017. The original demand related to an Input Tax Credit mismatch between GSTR 3B and GSTR 2A returns. The company filed an appeal on November 23, 2023, which has now resulted in a partial relief of about Rs. 10.87 lakh. The company plans to file a writ petition before the appropriate authority challenging the remaining demand.
The revised order is a partial positive for the company as the demand has been cut by around 60%. The company believes the remaining demand lacks merit and expects NIL financial impact, though the actual outcome will depend on the writ petition outcome. This is not material to the company's overall financial position.