IL&FS Transportation Networks Limited received a demand notice from the Office of the Joint Commissioner of CGST & Services Tax Commissionerate, Bolpur on 28.11.2024, according to an exchange filing.
The demand notice relates to the payment for payment of outstanding Goods and Service Tax liability including a penalty of Rs. 7,55,54,392 for the Financial Year 2017-18 for alleged non-compliance under Section 74 of CGST Act, 2017.
The aforesaid section is applicable in the cases of non-payment of GST, short paid or erroneously refunded or input tax credit wrongly availed or utilised by reason of fraud of any willful-misstatement or suppression of facts wherein “suppression” shall mean non-declaration of facts or information.
“The Company is reviewing the said Show Cause Notices and is assessing next steps on this matter,” IL&FS said in an exchange filing.
The disclosure was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Source: ET Legal World
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