Manappuram Finance Limited has received a tax demand order from the Tamil Nadu State GST department amounting to Rs 4.66 crore. The order, issued on February 26, 2025, includes a tax demand of Rs 1.22 crore, interest of Rs 0.86 crore, and a penalty of Rs 2.58 crore. The demand pertains to alleged non-compliance under Section 73 of the Tamil Nadu State GST Act, 2017, along with related provisions of the Central and Integrated GST Acts for the financial year 2020-21.
According to the company, the tax demand is primarily due to non-updation of branch addresses on the GST portal and the non-reversal of ineligible input tax credit (ITC). However, Manappuram Finance stated that there is no material impact on its financials, operations, or other activities as it has already paid the full GST amount for all its unregistered branches.
The order was issued by the Assistant Commissioner of the Palayam Assessment Circle in Coimbatore, Tamil Nadu. The company has disclosed this development under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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