Mumbai, February 28, 2025: Manappuram Finance Limited (NSE: MANAPPURAM, BSE: 531213) has disclosed receipt of an order from Tamil Nadu's GST authorities, demanding a total payment of ₹4.66 crore relating to FY 2020-21. The order, dated February 27, 2025, includes a tax demand, interest, and penalties arising from non-compliance issues.
Key Financial Details of GST Demand:
| Particulars | Amount (₹ Crore) |
|---|---|
| Tax Demand | 1.22 |
| Interest | 0.86 |
| Penalty | 2.58 |
| Total Demand | 4.66 |
Reasons for the Demand:
According to the order by the Assistant Commissioner (State Taxes), Palayam Assessment Circle, Coimbatore, Tamil Nadu, the violations primarily include:- Non-updation of branch addresses in the GST portal.
- Non-reversal of ineligible Input Tax Credit (ITC) claimed.
Financial and Operational Impact:
Manappuram Finance has stated that the financial implications of this demand are not material, and there will be no impact on the company’s operational activities. Additionally, the company asserts no actual revenue loss to the exchequer, as it had already paid full GST for the branches in question, despite non-registration issues.Management Statement:
Manoj Kumar V.R., Company Secretary of Manappuram Finance Limited, commented:Regulatory Context:
The action was taken under Section 73 of the Tamil Nadu State GST Act, 2017, in conjunction with relevant provisions under the Central Goods and Services Tax Act, 2017, and Integrated Goods and Services Tax Act, 2017.This disclosure has been made as per Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.