Modison receives favorable tax order, proceedings dropped

Modison Limited announced today that it has received an order from the Office of the Deputy Commissioner, Range-18, Division-8, Gujarat. This order, issued under Section 73 of the GGST Act, 2017, CGST Act 2017, and IGST Act 2017, informs the company that proceedings initiated under DRC-01 have been dropped.

This development follows an earlier communication wherein Modison disclosed the receipt of a Final Audit Report demanding a sum of Rs. 11,67,229, inclusive of interest and penalty, for the financial year 2021-22. The recent order confirms that no violation or contravention has been identified by the authority, and consequently, no penalty, restriction, or sanction has been imposed.

Modison stated that it does not anticipate any impact on its financials, operations, or other activities as a result of this order, and no further action is required from the company's side. The company secretary and compliance officer, Pooja Birendra Sinha, confirmed the accuracy of the information.