Kalpataru Projects International Ltd on Thursday said it has received a tax notice from the GST Authority. The authority has demanded tax and penalty for the financial year 2019-20 on grounds of an excess claim of input tax credit, the company said in an exchange filing.
"The authority has demanded to pay an aggregate tax amount of Rs 10.50 lakh and a penalty of Rs 1.50 lakh. The authority has also proposed to levy interest as applicable," the filing said.
Kalpataru Projects' stock rose as much as 1.5% during the day to Rs 1,258.2 apiece on the NSE. It was trading 1.34% higher at Rs 1,256.2 apiece, compared to a 0.18% advance in the benchmark Nifty 50 as of 3:20 p.m.
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