Fintech major Pine Labs has received a goods and services tax (GST) demand of Rs 37.33 crore in a matter linked to its erstwhile subsidiary Qwikcilver Solutions for the financial year 2019-20.
This follows an appeal order issued by the Office of the Joint Commissioner of Commercial Taxes (Appeals)-4, Bengaluru. Pine Labs plans to file an appeal against the Joint Commissioner’s order before the Customs, Excise and Service Tax Appellate Tribunal (CESTAT).
In a stock exchange filing dated February 5, the company said the order was received on February 4, and confirms tax, interest and penalty aggregating to Rs 37.33 crore. This includes tax of 14.89 crore, interest of Rs 20.9 crore and penalty of Rs 1.48 crore.
Pine Labs said the GST dispute pertains to Qwikcilver, which was amalgamated with the company pursuant to a National Company Law Tribunal (NCLT) order dated September 14, 2022.
The company said the order has no immediate material impact on its financial, operational or other activities and that it is examining the order in detail. The matter had been previously disclosed in its IPO offer documents.
Source from: https://economictimes.indiatimes.com/tech/technology/pine-labs-receives-gst-tax-demand-of-rs-37-33-crore/articleshow/127973385.cms?from=mdr
