Key Quantitative Figures
- Original penalty amount: ₹9,89,064
- Refund amount: ₹10,81,413
- Tax component: ₹9,89,064
- Interest component: ₹92,349
- Penalty waived: ₹9,89,064
Timeline of Events
- December 30, 2024: Received Demand Order from Karnataka GST Department
- December 24, 2024: Date of Invoice No. 118293 and E-Way Bill No. 162008896389
- September 5, 2026: Refund Order issued by Joint Commissioner of LGSTO 38, Bengaluru
- September 7, 2026: Refund Order received by Company at 9:00 am
- September 7, 2026: Date of this disclosure letter
Parties Involved
- Regulatory Authority: Karnataka GST Department, specifically the Joint Commissioner of the LGSTO 38 in Bengaluru
Legal and Regulatory References
- Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- SEBI circular SEBI/HO/CFD/CFDPoD-1/P/CIR/2023/123 dated 13th July 2023
- Section 129(3) of the SGST Act/Rules, 2017
- Financial Year 2024-25
Details of the Case
The dispute originated from a discrepancy involving E-Way Bill No. 162008896389 and Invoice No. 118293, dated December 24, 2024. The Karnataka GST Department issued a Demand Order on December 30, 2024, imposing a penalty of ₹9,89,064 under Section 129(3) of the SGST Act/Rules, 2017.
The Company filed an appeal against this demand along with necessary supporting documents within the required timeframe. The Joint Commissioner reviewed the submission and issued a Refund Order that:
- Waived the entire penalty amount of ₹9,89,064
- Ordered a refund of ₹10,81,413 comprising:
- Tax amount: ₹9,89,064
- Interest amount: ₹92,349
Outcome
The original Demand Order stands annulled as a result of this Refund Order. The matter has been resolved in the Company's favor with a net positive financial impact of ₹10,81,413.
Financial Impact
The disclosure confirms a positive financial impact of ₹10,81,413, representing the refund amount to be received by the Company.