B2B travel portal Travel Boutique Online (TBO Tek) has been issued a show cause notice by the Deputy Commissioner of State Tax (SGST) in Gurugram (East) concerning a GST mismatch for the financial year 2017-18. The notice, issued under form DRC-01, highlights a discrepancy between the company’s GSTR-1 and GSTR-3B filings, resulting in a demand for INR 89.12 lakh.
Details of the GST Demand Notice
According to the company’s exchange filing, the notice addresses a shortfall in tax payments due to mismatches in the GST returns. The total demand, including differential tax, interest, and penalty, amounts to INR 89,12,908. TBO Tek is required to respond to this notice by explaining the discrepancies and addressing the demand.
Recent Market Performance and Developments
TBO Tek made a notable debut on the public market on May 15, listing its shares at INR 1,426 on the NSE, reflecting a 55% premium over the issue price of INR 920. On the BSE, the stock was listed at INR 1,380, marking a 50% premium.
The company has been expanding its footprint, recently appointing president of its International Business. This move is part of TBO Tek’s strategy to enhance its global presence through strategic acquisitions and the introduction of new brands tailored to international markets.
Financial Performance and Stock Update
For the financial year 2024, TBO Tek reported robust financial results, with revenue increasing by 31% to INR 1,393 crore and profit after tax rising by 35% to INR 201 crore. The company’s gross transaction value reached INR 26,536 crore, marking a 19% year-over-year growth.
As of the close of trading today, TBO Tek’s stock price on the NSE was INR 1,750.10, reflecting continued strong performance despite the recent regulatory challenge.
Source from: https://pune.news/business/travel-boutique-online-faces-inr-89-lakh-gst-demand-due-to-filing-discrepancies-207097/
