Kalpataru Projects International Limited — Others, 06-12-2024: Action(s) taken or orders passed

Kalpataru Projects International Limited has received a tax demand order from the GST Authority related to the erstwhile JMC Projects India Limited for the financial year 2017-18, amounting to a penalty of INR 3.25 lakh due to an improper reversal of TRAN-1 credit. The company plans to pay the tax and will apply for a refund, while also appealing to the CESTAT for a waiver of the interest and penalty.

This development, while necessitating financial outlay, is not expected to significantly impact the company's overall financial health or operations. Investors may view this as a neutral impact, balancing the immediate cost with the company's proactive approach to manage the situation.