Infibeam Avenues Limited — Important, 06-02-2025: Updates

The company has received an order from the Joint Commissioner of GST in Ahmedabad South, determining a tax liability and levying a penalty totaling Rs. 320.15 million (Rs. 160.07 million in tax demand and Rs. 160.07 million in penalty). This order pertains to an alleged disallowance of GST exemption for debit and credit card transactions up to ₹2,000, spanning the period from July 2017 to March 2024. The company believes the demand is not valid as it aligns with the recommendations from the 55th GST Council Meeting, which clarified that RBI-regulated Payment Aggregators qualify for GST exemption. Infibeam Avenues is actively evaluating its options, including filing for rectification of the order, as it maintains that there will be no significant impact on its financials or operations. Watch closely for further developments as the company seeks to rectify this matter.