LTIMindtree Limited receives demand of Rs. 205.9 crores from GST Department

LTIMindtree Limited has received order from Department of Goods and Service Tax, Office of the Deputy Commissioner of State Tax, Mumbai.

The Company has received an order u/s Section 73 (5) of the Maharashtra Goods & Services Tax Act, 2017 raising a tax demand amounting to INR 2,059/- million (including penalty of INR 91 million and interest as applicable)

Based on assessment of facts and prevailing law, the Company is of the view that the GST Demand amount, interest and penalties levied is unjustified.

The Company will take an appropriate legal course against the said order in consultation with its advisors.

Accordingly, there is no likely material impact on the Company's financials or operations due to the said order.

Shares of LTIMindtree Limited was last trading in BSE at Rs. 5960.00 as compared to the previous close of Rs. 6142.65. The total number of shares traded during the day was 12275 in over 2153 trades.

The stock hit an intraday high of Rs. 6129.90 and intraday low of 5954.15. The net turnover during the day was Rs. 73535537.00.

Source : Equity Bulls

Keywords

LTIMindtree INE214T01019 DemandNotice GST