LTIMindtree gets GST demand worth Rs 155 crore from Maharashtra, plans to contest the order

By: Admin
May 07, 2024
Categories: GST Recent News
4 Min Read

Technology consulting company LTIMindtree has said that it will be contesting a tax demand order worth Rs 155.7 crore – inclusive of penalty and interest charges – received from the GST Department of the state of Maharashtra, according to a filing submitted to the stock exchanges on May 6.

The order under Section 73 of Maharashtra GST Act 2017 has been raised for the financial year 2018-19. The company said the demand for Output IGST (Interstate GST) has been due to a denial of Zero-Rated Supply, thereby disallowing it to claim input tax credit. Zero-Rated Supply describes a supply of goods or services that are subject to zero percent GST, according to thr CBIC website.

Based on assessment of facts and prevailing law, the Company is of the view that the GST demand (including interest and penalty) is unjustified, LTIMindtree said in the exchange filing. Appropriate legal course against the order is being considered in consultation with its advisors, and there is no material impact on the financials and the business, the statement added.

Source from: https://www.moneycontrol.com/news/business/ltimindtree-gst-demand-order-maharashtra-12715835.html