Credo Brands Marketing Limited has received an order dated June 3, 2024 (Order) from Additional Commissioner of Central Tax, Bengaluru North West Commissionerate, demanding tax and levying penalties under Section 74(9) of the CGST Act, 2017 read with Section 20 of the IGST Act, 2017 and also demanding interest on the demands under Section 74(9) of the CGST Act, 2017 and Section 50 of the CGST Act 2017 read with Section 20 of the IGST Act, 2017. The Order has been passed alleging short payment of taxes and excess claim of Input Tax Credit (ITC) of GST by the Company for the financial year 2017-2018 and 2018-2019. The company is taking appropriate steps to appeal against the Order, within the permissible time.

Total Demand: INR 19,230,981; Total Penalty: INR 19,230,981.