Quess Corp Limited — Important, 05-02-2025: General Updates

Quess Corp has received two Orders-in-Original from the Commissioner of CGST & Central Excise for the financial years 2017-18 to 2022-23, imposing penalties of ₹16.45 crore and ₹38.15 crore related to the issuance of invoices without underlying supply of goods or services. These penalties are based on allegations of passing input tax credit to insurance companies without service provision, which the company disputes. Quess Corp believes the penalties are unwarranted and plans to contest the orders through appropriate legal channels. Despite these developments, there is no expected impact on the company's financial or operational activities. Keep an eye on upcoming updates as the company navigates this issue.