Xpro India Limited — Important, 27-11-2024: Updates

Xpro India Limited has received a demand for Service Tax, along with interest and penalty, from the Deputy Commissioner of Central Goods & Service Tax for services obtained during FY 2016-17 and 2017-18. The total liability includes a Service Tax of INR 4.44 lakh, interest at a specified rate, and a penalty of the same amount. The demand arises from a perceived short payment of Service Tax, with the authority stating that the total obligation rests on the Company, despite partial payments made by the service provider. The Company is pursuing an appeal against the order and believes that the payments made through the service provider should be accepted as valid. Importantly, there is no immediate impact on the Company’s financials or operations beyond this matter, indicating a stable outlook amidst this challenge.