Legal21 Feb 2025, 04:22 pm
Intellect Design Arena Faces INR 18.88 Crore Demand from GST Authority
AI Summary
Intellect Design Arena Ltd. has received an Order under Section 73 of the GST Act, 2017, imposing a demand of INR 18.88 crores and a penalty of INR 1.89 crores. The demand is primarily related to reconciliation of unbilled revenue. The company will be pursuing legal remedies to challenge this demand. Based on the company's assessment, it does not expect a significant financial impact from this Order.
Key Highlights
- Intellect Design Arena Ltd. has received an Order under Section 73 of the GST Act, 2017.
- The Order imposes a demand of INR 18.88 crores and a penalty of INR 1.89 crores.
- The demand is primarily related to reconciliation of unbilled revenue.
- The company will be pursuing legal remedies to challenge this demand.
- Based on the company's assessment, it does not expect a significant financial impact from this Order.