Abans Financial Services Limited Subsidiary Receives Tax Demand Order
Abans Financial Services Limited announced that its material subsidiary, Abans Broking Services Private Limited, has received a tax demand order from the Assistant Commissioner of State Tax in Ahmedabad, Gujarat. The order pertains to financial year 2019-20.According to the order, input tax credit availed by Abans Broking Services Private Limited has been denied by the GST authorities. The total demand raised by the authorities, encompassing tax liability, interest, and penalty, amounts to Rs. 25,21,25,046.
Abans Financial Services Limited stated that the company is in the process of filing an appeal before the appropriate appellate authority and believes the demand is not sustainable. The company does not anticipate a material impact on its financials, operations, or other activities.
The details of the order are available on the company's website at www.abansfinserv.com.
| Sr. No. | Particular | Details |
|---|---|---|
| a. | Name of parties | Abans Broking Services Private Limited vs. Assistant Commissioner of State Tax, Ahmedabad. |
| a. | Court/tribunal/agency/where litigation is filed: | Assistant Commissioner of State Tax, Gujarat. |
| a. | Details of the dispute/litigation: | Input Tax Credit availed by Abans Broking Services Private Limited for financial year 2019- 20 has been denied by the GST authorities. |
| b. | Quantum of claims | The total demand raised by the GST authorities, including tax liability, interest and penalty, amounts to Rs.25,21,25,046 /- . |
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