Even after this huge demand, Abans Financial Services confirmed that it does not have any significant impact on its financials, operations or other activities.
Nidhi | Mar 19, 2026 |
Abans Financial Services Subsidiary Faces Rs 25 Crore GST Demand; Says No Major Impact Expected
Abans Financial Services has recently informed the stock exchanges that its material subsidiary, Abans Broking Services Private Limited, has received a major tax demand order worth over Rs 25 crore from the Gujarat GST authorities. The demand is related to the Input Tax Credit Denial.
Background of the Case
The Gujarat GST Department denied the Input Tax Credit (ITC) claimed by the Abans Broking Services for the financial year 2019-20. Due to this, a tax demand order was issued under section 74(9) of the GGST Act, 2017, read with the CGST Act, 2017, raising a demand of Rs 25,21,25,046.
Key Detail of Order
| Particular | Details |
| Issuing Authority | Assistant Commissioner of State Tax, Gujarat |
| Type of Order | Demand Order |
| Section | Section 74(9) of GGST Act, 2017 read with CGST Act, 2017 |
| Financial Year | 2019-20 |
| Total Demand | Rs 25,21,25,046 |
Company’s Next Step
The company does not agree with the demand, calling it unsustainable. It has decided to challenge the order and is currently in the process of filing an appeal before the appellate authority.
Financial Impact
Even after this huge demand, Abans Financial Services confirmed that it does not have any significant impact on its financials, operations or other activities.
Company’s Disclosure Requirement
The company made this disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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