Quess Corp Limited — Important, 04-02-2025: General Updates

Quess Corp Limited has received an Order-in-Original from the Office of the Commissioner of CGST, imposing a penalty of Rs. 49.58 crore under the Central Goods and Services Tax Act, related to alleged issuance of invoices without underlying supply of goods or services for the financial years 2017-18 to 2021-22. The company's submissions and personal representations were not considered in this ruling. While the penalty may appear significant, Quess believes it is not maintainable and is preparing to contest the order through appropriate legal channels. The company asserts that there will be no impact on its financial or operational activities as a result of this order, and it will provide periodic updates to the exchanges on this matter. Investors should watch closely as the outcome of the contest could have implications for the company's operations and reputation.