Mumbai, February 3, 2025 – Blue Star Limited (BSE: 500067 | NSE: BLUESTARCO) has informed the stock exchanges about an order received from the Joint Commissioner, CGST & CX, Thane Commissionerate under Section 122 of the Central Goods and Services Tax (CGST) Act and Delhi Goods and Services Tax (DGST) Act. The order, dated January 30, 2025, stipulates a penalty of ₹12,92,959, arising from a GST audit conducted by the GST Department, Delhi, for the financial year 2017-2018.
Details of the Order
- Authority Issuing the Order: Joint Commissioner, CGST & CX, Thane Commissionerate.
- Penalty Amount: ₹12,92,959.
- Reason for Penalty: Alleged wrong availment of Input Tax Credit.
- Date of Receipt: February 3, 2025, at 10:50 a.m.
Company's Response
Blue Star Limited has stated that it is reviewing the order in detail to determine the next course of action. However, the company clarified that the order does not have any material impact on its financials, operations, or other activities.The company has also disclosed that all relevant details, as per SEBI regulations, have been made available on its official website (www.bluestarindia.com).
Market Impact and Next Steps
Given that the penalty amount is relatively small compared to Blue Star's overall financials, analysts believe this will not significantly affect the company's stock performance. Investors will keenly watch for further developments, including whether the company challenges the order legally or complies with the penalty.For further updates, stakeholders can refer to the company's disclosures on the BSE and NSE portals.