Nuvama Wealth Management Limited (NSE: NUVAMA, BSE: 543988) Faces ₹35.25 Lakh Tax Penalty; Appeals Planned

Mike

Mumbai, January 30, 2025 – Nuvama Wealth Management Limited (NSE: NUVAMA, BSE: 543988) has disclosed that its wholly owned material subsidiary, Nuvama Wealth and Investment Limited (NWIL), has received an Order from the Additional Commissioner of CGST & C.EX, Palghar, imposing a ₹35,25,000 penalty for alleged wrongful passing on of Input Tax Credit (ITC) without the supply of services.

Regulatory Action and Compliance Details

According to the company's regulatory filing under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the penalty pertains to transactions between July 2017 and March 2022. The order has been issued under Sections 74/122 of the CGST Act, 2017; the SGST Act, 2017; and Section 20 of the IGST Act, 2017.

Company Response and Financial Impact

Nuvama Wealth has stated that NWIL will file the necessary appeal with the Appellate Authority to contest the order. However, the company reassured stakeholders that this regulatory action will not materially impact its financials, operations, or other activities.

Looking Ahead

This development adds a compliance challenge for Nuvama Wealth and Investment Limited as it navigates regulatory scrutiny. Investors and analysts will closely monitor the appeal proceedings and potential financial implications.