Vishal Mega Mart Limited has disclosed that its subsidiary, Airplaza Retail Holdings Private Limited, has received an order from the Superintendent Range-67, Vasant Kunj Division, CGST Delhi South Commissionerate. The order, passed under Section 73 of the CGST Act, 2017, pertains to the financial year 2021-22 and alleges excess Input Tax Credit availed or utilized by the subsidiary. The total financial impact amounts to ₹17,94,385, comprising a tax demand of ₹16,31,259 and a penalty of ₹1,63,126. The company stated that there is no material impact on the operations or other activities of Vishal Mega Mart Limited due to this order. The subsidiary is currently reviewing the order and evaluating its next steps.
