Xelpmoc Design And Tech Receives GST Demand Order of ₹66.9 Lakhs
Xelpmoc Design And Tech Limited received a GST Demand Order for ₹66.94 Lakhs, including tax, interest, and penalty for FY 2021-22. The company is evaluating the order and plans to pursue legal remedies. No operational impact is expected.
The demand order involves a significant financial amount (₹66.94 Lakhs) which could impact the company's financials. However, the company is evaluating options and expects no operational impact, thus moderating the impact level.
The company has received a demand order from GST authorities which includes tax, interest, and penalty, indicating a negative development.
Xelpmoc Design And Tech Limited has received a GST Demand Order from the Office of the Assistant Commissioner of Commercial Taxes (Audit) -4.5, DGSTO -4, Bengaluru, Karnataka.
The order, issued under Section 73 of the CGST Act / KGST Act, 2017 read with Section 20 of the IGST Act, 2017, pertains to the Financial Year 2021-22. The aggregate demand amounts to ₹66,93,513, which comprises ₹36,32,575 for tax, ₹26,83,528 for interest, and ₹3,77,410 for penalty.
The alleged contraventions include non-payment of GST on outward supplies due to incorrect classification of such supplies as zero-rated, and short payment of taxes under the Reverse Charge Mechanism (RCM) on inward supply of services. The company is currently evaluating the demand order and, based on advice from tax consultants, intends to pursue appropriate legal remedies. The financial impact is limited to the amount of the order, with no foreseen impact on the company's operations or other activities.
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