Diligent Media Corporation Receives GST Demand Order
Diligent Media Corporation Ltd. announced it has received a Goods and Services Tax (GST) Demand Order from the Office of the Assistant Commissioner of State Tax in Mumbai. The order pertains to the tax period of fiscal year 2019-20.According to the order, the company is directed to remit approximately Rs. 3.99 crores, encompassing Rs. 1.26 crores in interest and Rs. 1.47 crores in penalty. The demand arises from the purported non-levy of GST on the transfer and assignment of leasehold rights of an industrial plot in Mumbai, which was sold to M/s CTRL S (India) Pvt. Ltd. The tax authority considers this transfer a taxable supply of services under the Central Goods and Services Tax Act, 2017.
The company previously filed a writ petition before the Hon'ble High Court of Bombay regarding a similar order concerning the sale of part of the leasehold land to M/s CTRL S (India) Pvt. Ltd. Diligent Media Corporation plans to file a similar writ petition concerning this latest order.
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