Innovision Ltd GST Order Modified, Penalty Reduced to ₹10,000

Innovision Ltd has received a favorable order from the Central Goods and Services Tax (CGST) and Uttarakhand GST (UKGST) authorities. The order modifies and reduces the penalty under Section 122(1)(xvi) of the CGST Act to a fixed penalty of ₹10,000. Previously, significant penalties were imposed for FY 2019-20 and FY 2023-24, totaling over ₹94 lakh and ₹20 crore respectively, including tax liabilities. The company asserts that the outcome of this and other related disputes is not expected to have a material financial impact.