Aditya Birla Fashion and Retail Limited — Important, 22-11-2024: Updates

The Company has received a demand order from the Assistant Commissioner of the Central Goods & Services Tax Division-II, imposing a total demand of ₹2.46 crore. This includes ₹1.17 crore in tax, ₹0.28 lakh in interest, and a penalty of ₹1.27 crore, stemming from an audit under Section 74 of the CGST Act. The dispute centers around the claim of Input Tax Credit (ITC) related to IGST instead of CGST and SGST, along with discrepancies between GSTR-9 and GSTR-2A.

Despite the demand, the Company maintains that the order is not valid under the law and plans to appeal the ruling. Notably, the Company asserts that there will be no impact on its financials, operations, or activities, indicating a potentially stable outlook as it navigates this challenge. Investors should watch closely for further updates on the appeal process and its implications.