Kalpataru Projects International receives Tax Notice from GST Authority

Kalpataru Projects International receives Tax Notice from GST Authority

Kalpataru Projects International Ltd announced Thursday that it has received a tax notice from the GST Authority. The authority has sought tax and penalty for the financial year 2019-20 due to an excessive claim of input tax credit, the company stated in an exchange filing.

“The authority has demanded that you pay an aggregate tax of Rs.10.50 lakh and a penalty of Rs.1.50 lakh. The authority has also recommended to levy interest as appropriate,” according to the filing.

Kalpataru Projects’ stock surged as much as 1.5% during the day to Rs 1,258.2 per share on the NSE. It was trading 1.34% higher at Rs 1,256.2 per share, compared to a 0.18% increase in the benchmark Nifty 50 as of 3:20 p.m.