LTIMindtree Disputes ₹155.7 Crore Demand from Maharashtra GST Dept

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LTIMindtree News Today

Technology consulting firm LTIMindtree has announced its intention to challenge a tax demand order of ₹155.7 crore, including penalties and interest, issued by the GST Department of Maharashtra. The order was received as per the provisions of Section 73 of the Maharashtra GST Act 2017 and relates to fiscal year 2018-19.

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Details of the Tax Demand

The demand primarily stems from alleged violations concerning zero-rated supplies, leading to the imposition of taxes and the reversal of input tax credits. The order specifically targets output IGST demand and the proportional reversal of input tax credit, as well as the rejection of previously granted refunds.

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LTIMindtree's Response

LTIMindtree has expressed disagreement with the tax demand, deeming it unjustified based on factual analysis and prevailing laws. The company intends to pursue appropriate legal action against the order in consultation with its advisors.

Financial Impact and Business Operations

The company reassures stakeholders that the tax demand is not expected to have a significant material impact on its financials or operations. It asserts its commitment to addressing the situation through legal recourse while maintaining business continuity.

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In Conclusion

In light of the tax demand, LTIMindtree stands firm in its position to contest the order, emphasising its adherence to legal processes and consultation with advisors. The company remains focused on its operations and assures stakeholders of minimal impact on financials due to the ongoing dispute.

Sources:

https://www.moneycontrol.com/news/business/ltimindtree-gst-demand-order-maharashtra-12715835.html

https://www.cnbctv18.com/business/companies/ltimindtree-gets-gst-demand-order-of-rs-155-7-crore-for-fy-2019-19407406.html

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