Sagility Limited Receives GST Order for Export of Services, Totaling Over 90 Lakhs
Sagility Limited has received an order from the Department of Commercial Taxes, Karnataka, concerning a Goods and Services Tax (GST) demand related to service exports. The demand covers the period spanning April 2022 to March 2023, resulting in a total amount including interest and penalty.The order was issued under Form GST DRC-07, pursuant to Section 73(9) of both the Karnataka Goods and Services Tax Act, 2017, and the Central Goods and Services Tax Act, 2017. The demand amounts to Rs. 90,44,596.
According to details provided by the company, the GST Audit Authorities invoked GST on export of services and denied input tax credit on certain credit notes related to service exports during the period in question.
Key financial details regarding the GST demand are summarized below:
| Component | Amount (Rs.) |
|---|---|
| Tax Demand | 31,86,995 |
| Interest | 55,21,302 |
| Penalty | 3,36,299 |
| Total Demand | 90,44,596 |
The company has stated that the demand is not maintainable and, based on advice from its tax advisors, it is in the process of filing an appeal before the Joint Commissioner of Commercial Taxes (Appeals) in Bengaluru within the prescribed timelines.
Sagility Limited added that the order holds no material impact on the financials, operations, or other activities of the company.
SAGILITY Stock Price Movement
Today, SAGILITY LIMITED shares edged higher, settling at ₹40.12 after gaining 0.3% in post-market trading. The stock traded within a range of ₹39.84 and ₹40.7, with 8.24 million shares changing hands during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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