Ethos loses a GST appeal on a ₹13.26 lakh demand and is considering further remedies
- Legal
- Retail
Ethos Limited has told the exchanges that it received an order of the GST Appellate Authority, Noida, dismissing its appeal for FY2018-19 and FY2019-20. The order upholds a demand of tax of ₹13.26 lakh with applicable interest and a penalty of ₹13.26 lakh under Section 74 of the CGST Act, 2017.
The company says it believes it has a good case on merits and is evaluating the remedies available to it, including an appeal before the competent appellate authority. It says the order does not have any material impact on its financial, operational or other activities. The filing includes the Regulation 30(13) disclosure form.
Inference
The demand is small, about ₹13 lakh of tax and an equal penalty plus interest, so it is small relative to the company's accounts. The first-level appeal has gone against the company, so the demand stands unless it succeeds further up.
The company says it is still deciding on the next step. Shareholders may want to see whether it appeals and whether it makes any provision, though the amount is limited.
Reference: Original filing (PDF)
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