IT major Tata Consultancy Services slapped with ₹1.37 crore tax penalty by CGST authority in Noida, reports ET LegalWorld.

Tata Consultancy Services Limited (TCS) has received two separate orders from the Indian tax authorities. The first order, from the Joint Commissioner, CGST Noida, demands a tax of ₹1,37,70,683/- for FY2017-18 to FY2020-21 and a penalty under Section 74(1) of the CGST Act, 2017. The second order, from the Additional Commissioner, Grade 2, Appeal 3, State Tax, Noida, disallows Input VAT and levies a penalty of ₹11,04,895/- under Section 54(1) of the Uttar Pradesh VAT Act, 2008 for FY2015-16. TCS has stated that it will appeal against both orders before the appropriate authorities. These orders were disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.