Bombay HC quashed Larsen & Toubro's GST Demand of Rs.2,237 crore:

Bombay HC quashed Larsen & Toubro's GST Demand of Rs.2,237 crore Larsen & Toubro said that the Bombay High Court quashed a Rs.2,237 crore GST demand levied against the company on Tuesday. "The Company had filed a Writ Petition in the Bombay High Court against the show cause notice given by the Principal Commissioner of GST and Service Tax, Mumbai towards Service tax demand of Rs.2,237 crore, on a previously subsidiary, in respect of Tax already paid by the Company with respect to certain transactions undertaken post demerger," said L&T in a filing for exchange. According to the filing, the company obtained the High Court's ruling on August 19, which approved the company's Writ case and nullified the GST authorities' show cause notice. "We wish to inform you that the Company received an order from the Hon'ble Bombay High Court on August 19, 2024, allowing the Writ petition filed by the Company and overturned and set aside the show cause notice issued by the GST authorities," stated the organization. Larsen & Toubro announced a 12% growth in net profit for the first quarter of FY25, which was slightly lower than expected, despite the fact that the company's revenue from operations increased by 15% from April to June. L&T's net profit increased to Rs.2,786 crore in the three months ending June 30, up from Rs.2,493 crore the previous year, but somewhat lower than the projected Rs.2,876 crore. Its revenues climbed by 15% to Rs. 55,120 crore, exceeding the projection of Rs. 52,518 crore.