Kalpataru Projects International Limited has received an Order under the provisions of Section 73 of the State Goods and Services Tax Act, 2017 read with relevant provisions of the Central Goods and Services Tax Act, 2017 and the rules made thereunder, from the GST Authority on April 22, 2024. The Company has a strong case to defend the matter before the Authorities and plans to file an appeal/writ against the said Order within prescribed timelines. The authority has demanded GST along with interest and penalty pertaining to erstwhile JMC Projects (India) Limited (since amalgamated with the Company) for the Financial year 2018-19 on grounds of alleged excess claim of ITC.

The authority has demanded to pay an aggregate tax amount of INR 3.193 million along with interest of INR 2.968 million and penalty of INR 0.319 million.