IKIO Lighting Receives Summon From GST Authority Over Alleged Input Tax Credit Violations

IKIO Lighting Receives Summon From GST Authority Over Alleged Input Tax Credit Violations

The summon is related to alleged violations regarding the availing of Input Tax Credit (ITC) on expenditures related to the Initial Public Offering (IPO) of equity shares.

Oliviya KunjumonUpdated: Thursday, March 21, 2024, 05:13 PM IST
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IKIO Lighting Receives Summon From GST Authority |

IKIO Lighting Limited, in a recent regulatory filing, announced that it has received a summon from the Goods and Service Tax (GST) Authority.

The summon is related to alleged violations regarding the availing of Input Tax Credit (ITC) on expenditures related to the Initial Public Offering (IPO) of equity shares.

The summon, issued by the GST Authority, specifically targets the company's actions related to availing Input Tax Credit on IPO expenditures. As per the summon, IKIO Lighting is instructed to provide detailed information regarding the expenses incurred during the IPO process.

Company's Legal Standpoint

In response to the summon, IKIO Lighting intends to file a reply before the Adjudicating Authority. The company asserts that the Input Tax Credit availed was in accordance with the opinion provided by 'Lakshmikumaram and Shridharan Attorneys,' the company said in the regulatory filing.

There is no major impact on financial, operation or other activities of the Company due to this Summon, said the company in regulatory filing.

IKIO Lighting Limited shares

The shares of IKIO Lighting Limited on Thursday at 3:30 pm IST closed at Rs 292.15, down by 0.29 per cent.

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