Kalpataru Projects International Ltd has received a tax penalty notice from the GST Authority, citing excess claims of Input Tax Credit (ITC) for the financial year 2019-20. The penalty, amounting to ₹10 million, includes tax dues and additional charges.
Key Highlights:
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Tax Notice Issued: The GST Authority has demanded ₹10.50 lakh in tax dues and ₹1.50 lakh in penalties, with interest applicable.
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Reason for Penalty: The notice alleges excess ITC claims, prompting regulatory scrutiny.
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Company Response: Kalpataru Projects has acknowledged the notice and is reviewing legal options.
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Market Impact: Investors are closely monitoring the situation, though no immediate financial strain is expected.
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Regulatory Precedent: This case highlights strict tax compliance enforcement in India’s corporate sector.
Kalpataru Projects’ tax penalty underscores the importance of regulatory adherence, as companies navigate India’s evolving tax landscape.
Source: Economic Times, Kalpataru Projects