Nila Infrastructures Limited (NILAINFRA), a leading real estate developer, announced on July 16th that it received a demand cum show cause notice from the Office of Directorate General of Goods & Services Tax Intelligence Zonal Unit in Ahmedabad. The notice pertains to a potential short payment of tax and includes interest and penalties, totaling INR 18.98 crore.
The company stated that it is currently reviewing the notice and evaluating its options in consultation with experts. Nila Infrastructures emphasized its confidence in its position and expressed its intention to challenge the notice based on strong merits.
Company Response:
Nila Infrastructures assures investors and stakeholders that it is actively working on a response to the notice. The company plans to file a reply and submit supporting documents to the relevant authorities, highlighting the accuracy of its tax calculations and compliance with GST regulations.
Potential Impact:
While the demand notice represents a significant amount, Nila Infrastructures stated that it does not anticipate a material impact on its financial, operational, or other activities. The company believes any potential impact will be limited to the final tax liability, interest, and penalties, if any, which will be determined after the matter is resolved with the authorities.
About Nila Infrastructures Limited:
Nila Infrastructures Limited is a prominent real estate developer in India, specializing in residential and commercial projects. The company has a proven track record of delivering high-quality projects and is committed to maintaining strong corporate governance practices.
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