Music Broadcast Limited has informed the stock exchanges that it has received a goods and services tax (GST) demand order amounting to ₹89.63 lakh from tax authorities in Lucknow, Uttar Pradesh, for the financial year 2021–22. The disclosure has been made in accordance with Regulation 30 of the SEBI Listing Regulations.
Details of the GST Demand
The demand order was issued by the Office of the Deputy Commissioner, Lucknow Sector-2, Lucknow (A), Lucknow I, Uttar Pradesh. The order has been passed under Section 73 of the IGST, CGST, and SGST Acts, 2017, through Form GST DRC-07.
The total demand of ₹89.63 lakh comprises tax, interest, and penalty components, as detailed below:
| Tax Type | Tax (₹) | Interest (₹) | Penalty (₹) | Total (₹) |
| CGST | 5,03,087 | 3,81,781 | 50,308 | 9,35,176 |
| IGST | 38,15,750 | 28,95,684 | 3,81,575 | 70,93,009 |
| SGST | 5,03,087 | 3,81,781 | 50,308 | 9,35,176 |
| Total | 48,21,924 | 36,59,246 | 4,82,191 | 89,63,361 |
Company’s Response
Music Broadcast Limited has stated that it intends to file an appeal against the GST demand order. Based on its preliminary assessment and legal advice, the company believes it has reasonable grounds to contest the order.
The company has further clarified that it does not expect the demand to have any material impact on its financial position, operations, or business activities at this stage.
Regulatory Disclosure
The company confirmed that the disclosure has been made in compliance with the applicable provisions of the SEBI Listing Regulations.
Summary
Music Broadcast Limited has received a GST demand order of ₹89.63 lakh for FY2021–22 from tax authorities in Lucknow, covering CGST, IGST, and SGST along with interest and penalties. The company plans to appeal the order and has stated that it does not expect any material impact on its financials or operations.
Disclaimer:
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