Stanley Lifestyles subsidiary faces GST audit claim

Stanley Lifestyles Limited has announced that its wholly-owned subsidiary, Stanley OEM Sofas Limited, has received a GST Audit Report proposing a tax and interest liability of approximately INR1.63 crore for the financial year 2022-23. The audit, conducted by the Deputy Commissioner of Commercial Taxes in Bengaluru, identified differences in turnover, excess ITC claims, and other non-compliances. Stanley OEM Sofas Limited is currently reviewing the audit findings and preparing to make representations to the appropriate authorities. The company stated that the liability remains provisional and any confirmed liability could have a financial impact. Stanley Lifestyles is making the disclosure to ensure transparency, complying with SEBI (LODR) regulations.