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Afcons Infrastructure Limited ( (IN:AFCONS) ) has provided an announcement.
Afcons Infrastructure Limited has disclosed that it received a demand order from the Commissioner of Central Tax, CGST Tirupati Division, relating to alleged improper availment of IGST input tax credit on import of goods, along with interest and a penalty of 10% under relevant provisions of the CGST Act, 2017. The company disputes the disallowance of input tax credit and associated interest and penalty as untenable, notes that its submissions were not substantively addressed in the order, and plans to pursue legal remedies including an appeal, while stating that it does not expect any significant impact on its financial position, operations or other activities; Afcons also attributed a delay in informing the exchanges to inadvertent oversight and said it is strengthening compliance to avoid recurrence.
More about Afcons Infrastructure Limited
Afcons Infrastructure Limited is an India-based infrastructure company engaged in engineering, procurement and construction projects across sectors such as transport, marine, industrial and urban infrastructure, serving public-sector and large private clients in domestic and international markets.
Average Trading Volume: 75,690
Technical Sentiment Signal: Strong Sell
Current Market Cap: 133.6B INR
Find detailed analytics on AFCONS stock on TipRanks’ Stock Analysis page.