NSDL Receives ₹28.68 Cr GST Demand Notice
National Securities Depository Ltd (NSDL) has received a Show Cause – cum – Demand Notice (SCN) from the Additional Commissioner of CGST & CX AUDIT-II, Mumbai, demanding ₹28,68,06,259 (₹14,34,03,129 CGST and ₹14,34,03,129 SGST). The notice, issued under Section 74(1) of the CGST Act, 2017, pertains to alleged non-payment of GST on royalty for the use of NSDL's brand name and logo by its associate entities, NSDL Payment Bank Limited and NSDL Data Management Limited, for the period FY 2020-21 to FY 2023-24. NSDL is evaluating the SCN with tax advisors and plans to file a detailed reply within the prescribed timelines, pursuing all available legal remedies. No immediate financial impact is anticipated at this stage.
Key Highlights
- NSDL received a GST demand notice for ₹28.68 crore.
- Demand relates to alleged non-payment of GST on royalty.
- Company is evaluating the notice and will file a reply.
- No immediate financial impact expected.
- Legal remedies will be pursued.
Price Impact
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