Abans Broking Services Faces GST Tax Demand of INR 25 Crores

Abans Financial Services Ltd. has received an order from the GST Authorities by its material subsidiary, Abans Broking Services Limited. The Assistant Commissioner of State Tax, Ahmedabad, Gujarat, has issued a tax demand order under Section 74(9) of the GGST Act, 2017 read with CGST Act, 2017, in the matter of Abans Broking Services Private Limited with respect to financial year 2019-20. The total demand raised by the GST authorities, including tax liability, interest and penalty, amounts to INR 25,21,25,046. The company is in the process of filing an appeal before the appropriate appellate authority and believes that the demand is not sustainable, having no material impact on the financials, operations or other activities of the company.