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The company has received adjudication orders from two GST authorities, imposing GST liabilities for the non-filing of returns by vendors during the period from April 2020 to March 2021. The Assistant Commissioner of CGST has determined a GST amount of INR 3.77 million with an additional penalty of INR 0.38 million. Similarly, the Joint Commissioner has set the tax payable at INR 23.22 million plus applicable interest, alongside a penalty of INR 2.32 million due to discrepancies in GST returns.
Despite these orders, the company, backed by legal counsel, asserts that it has valid grounds to contest the findings and plans to appeal before the relevant authority. Importantly, the management emphasizes that there is no material impact on its financials or operations arising from these developments. Investors should monitor this situation closely, as the appeal process may influence the company's future obligations and operational standing.
All announcements from Zee Entertainment Enterprises Limited