Abans Financial Services Subsidiary Faces Rs 25 Crore GST Demand; Says No Major Impact Expected:

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.

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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.

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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.