February 2, 2025 | Mumbai
Ethos Limited (BSE: 543532, NSE: ETHOSLTD, ISIN: INE04TZ01018) has disclosed that the Office of the Principal Commissioner, Central Goods & Services Tax (CGST), Chandigarh, has issued an
Order-in-Original No. 98/GST/ADC/CHD/2024-25 under
Section 74 of the CGST Act, 2017. The order, dated
January 31, 2025, was made available to the company on
February 1, 2025.
Key Financial Implications
- Allegation: Non-payment of GST on non-taxable transactions and differences in Input Tax Credit (ITC) for FY 2017-18 to FY 2019-20.
- Estimated Demand: ₹3.21 crore (excluding interest and penalties).
Company's Response
Ethos Ltd. has
strongly refuted the claims, asserting that the demand is both
factually and legally untenable. The company maintains that it has been
fully compliant with GST regulations and intends to
file an appeal against the order before the appropriate authority.
Reassurance to Stakeholders
Ethos Ltd. has assured its stakeholders that it is taking all
necessary legal measures to safeguard its interests and will provide further updates as material developments occur.