Mumbai, February 28, 2025: TTK Prestige Limited has disclosed that it received a GST Demand Notice from the Excise and Taxation Department, Gurugram, Haryana, under Section 73 of the Haryana Goods & Services Tax Act, 2017, and the Central Goods & Services Tax Act, 2017. The notice, dated February 27, 2025, was received via email on the same day.
According to the company’s regulatory filing with the National Stock Exchange (NSE) and BSE, the demand notice follows a GST audit for the financial year 2020-21. The audit raised observations related to:
- Excess Input Tax Credit (ITC) claims
- Issuance of credit notes
- Reverse Charge Mechanism (RCM) liability
- Credit notes received from suppliers
Financial Implications of the GST Demand
The notice imposes a total demand of ₹10.00 crore, comprising:- Tax: ₹5.36 crore
- Interest: ₹4.09 crore
- Penalty: ₹54.17 lakh
Company’s Response
TTK Prestige has contested the findings of the Excise and Taxation Department, stating that the authorities failed to consider material facts submitted by the company. The company intends to appeal the order before the appropriate authority on or before May 27, 2025, the due date for filing the appeal.Despite the demand notice, TTK Prestige has expressed confidence that the appellate authority will rule in its favor, ensuring no significant financial impact on its statements.
Investors and stakeholders are advised to monitor further developments as the company pursues legal recourse.