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Updater Services Limited ( (IN:UDS) ) has issued an announcement.
Updater Services Limited has disclosed that it has received an order from the Office of the Commercial Tax Officer in Chennai under Section 74 of the CGST Act, 2017, demanding Rs 65.39 lakh relating to input tax credit reversal on exempt supplies, sundry creditors and expenses payable under reverse charge mechanism. The company contends that the order was issued without due consideration of its earlier response to the notice, is evaluating legal remedies including a writ or appeal before the appellate authority, and maintains that, based on its assessment, the order lacks merit and is not expected to have any material financial impact on its operations.
More about Updater Services Limited
Updater Services Limited, formerly Updater Services Pvt Ltd, is a Chennai-headquartered business services company operating under the banner of “Redefining Business Services.” The company provides integrated facility management and related business support services to corporate and institutional clients across India, positioning itself as a key player in outsourced facility and business services solutions.
Average Trading Volume: 11,441
Technical Sentiment Signal: Sell
Current Market Cap: 10.35B INR
Learn more about UDS stock on TipRanks’ Stock Analysis page.