Chennai, February 1, 2025 – Updater Services Limited (UDS) has announced the receipt of a tax order from the Office of the Commercial Tax Officer, Chengalpattu, Tamil Nadu, under Section 74 of the Tamil Nadu Goods and Services Tax (TNGST) Act, 2017. The order, dated February 1, 2025, imposes a tax liability of Rs. 33,896 due to reconciliation differences related to Input Tax Credit (ITC) reversal for exempted supplies.
Regulatory Disclosure Under SEBI Guidelines
The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency in compliance-related matters. The company has submitted the required details to both BSE Limited and the National Stock Exchange of India Limited (NSE).Impact on Updater Services Limited
- Monetary Impact: Rs. 33,896/-
- Company’s Response: The company has stated that it will pay and close the matter without further dispute.
Key Regulatory Details
| Authority | Nature of Order | Reason | Date of Order | Financial Impact |
|---|---|---|---|---|
| Commercial Tax Officer, Chengalpattu | Order under Sec. 74 of TNGST Act | ITC Reversal for Exempted Supplies | February 1, 2025 | Rs. 33,896 |