Disclosure under Regulation 30 of SEBI LODR Regulations

Praxis Home Retail Limited (Scrip Code: 540901) has made a disclosure to the stock exchanges pursuant to Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Nature of the Event

The company has received an order from the GST Appellate Tribunal (GSTAT), Principal Bench, Delhi, dated October 14, 2026, in the matter of DGAP v. Praxis Home Retail Limited, bearing Case No. NAPA/20/PB/2025.

Details of the Order

The Tribunal has accepted the investigation report dated March 29, 2023, submitted by the Director General of Anti-Profiteering (DGAP). The order directs the company to:

  • Pass on or deposit a determined profiteered amount of ₹3,67,88,027 (Rupees Three Crore Sixty-Seven Lakh Eighty-Eight Thousand and Twenty-Seven only)
  • Pay applicable interest at the rate of 18% on this amount

Breakdown of the Amount

  • ₹21,200 plus applicable interest is attributable to an identifiable complainant and must be passed on to that complainant
  • ₹3,67,66,827 plus applicable interest must be deposited in the respective Consumer Welfare Funds

Violation Details

The proceedings relate to the alleged failure of the company to pass on the benefit arising from the reduction in GST rate from 28% to 18%, effective November 15, 2017, on certain goods supplied by the company. The goods specifically mentioned include modular kitchen components. The violation period spans from November 15, 2017, to September 30, 2019, as required under Section 171 of the Central Goods and Services Tax Act, 2017.

Penalty Status

The Tribunal has not imposed any penalty under Section 171(3A) of the Central Goods and Services Tax Act, 2017, as the relevant period predates the coming into force of this provision.

Financial Impact

The order entails a financial liability of ₹3,67,88,027 together with applicable interest at 18%. The company states that the order may have a financial impact to the extent of the aforesaid amount and applicable interest.

Company's Response

The company is in the process of seeking legal advice and would take appropriate steps in the best interest of the company. The company is evaluating all options including filing an appeal with the appropriate authority against the order.