On February 22, 2025, Skipper Limited disclosed a penalty of Rs. 1.22 crore imposed by the Commercial Taxes Department in Rajasthan. This penalty was levied for the excess Input Tax Credit (ITC) claimed by the company in the financial year 2020-21. The order was passed by the Office of the Deputy Commissioner, Business Audit Wing-III Circle-B, Jaipur, on February 21, 2025.

Details of the Penalty

As per the order DRC-07 issued by the Rajasthan Business Audit Wing, the penalty breakdown is as follows:

• Tax Amount: Rs. 15,85,761
• Interest: Rs. 1,04,82,039
• Penalty: Rs. 1,85,755

The total penalty imposed amounts to Rs. 1,22,53,555. The penalty is associated with the excess ITC claimed for the financial year 2020-21, in contravention of the provisions of the CGST/RGST Act, 2017.

Company’s Response

Skipper Limited has clarified that it intends to file an appeal against the order within the stipulated time frame. The company has assured that it will take the necessary legal steps to address the penalty and ensure compliance.

Impact on Financials

The penalty imposed is a significant development for Skipper Limited, but the company is working on resolving the matter through an appeal. At this stage, the financial impact, as detailed above, is Rs. 1.22 crore. However, the final resolution may depend on the outcome of the appeal process.

Disclosure and Next Steps

As per the requirements of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this disclosure was made to inform the stakeholders about the recent penalty. The company has also assured that this disclosure will be made available on its official website for public access.

Skipper Limited is committed to ensuring compliance with tax regulations and will take all necessary actions to address this penalty in the coming period.

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