Travel Food Services Limited has received a rectification order from the Office of the Commissioner of CGST and Central Excise, Mumbai Central, significantly reducing the total tax demand and penalty from ₹40.20 crore to ₹14.40 crore. The order, dated May 21, 2026, was received by the company on May 27, 2026. The reduction follows submissions made by the company regarding an earlier order that alleged variance in tax liability due to mismatched Input Tax Credit (ITC) and excess ITC availment.

The rectification order specifies a tax demand of ₹7.20 crore and a penalty of ₹7.20 crore. While the interest component was not quantified in the order, it is to be paid as prescribed. The company stated that this revised demand has no material impact on its financials, nor does it affect its operational or other activities.

Despite the reduction, Travel Food Services Limited maintains that the order was passed without considering the complete facts submitted by the company. The management believes it has a strong case on merit and is currently evaluating further legal remedies. The company intends to take appropriate action, including filing an appeal with the relevant authorities pursuant to applicable laws.

The earlier order, dated December 19, 2025, had alleged contraventions related to mismatched ITC between returns and the GST portal or GSTR 9. The company had filed an appeal against that initial demand. The latest rectification order provides substantial relief by lowering the financial liability, though the company remains committed to challenging the remaining demand.

Details of the Rectification Order

Travel Food Services Limited has uploaded the audio recording of its earnings conference call for the quarter and fiscal year ended March 31, 2026. The call was held on May 26, 2026, at 2:30 p.m. IST, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Investors can access the recording via the company's official website.

The conference call featured presentations from key members of the company's leadership team. Participants included Mr. Varun Kapur, Managing Director and CEO, and Mr. Vikas Vinod Kapoor, Whole-time Director and Chief Financial Officer. Ms. Chhavi Agarwal, Vice President - Investor Relations, was also present during the discussion.

Conference Call Access Details

The coordination for the call was managed by ICICI Securities. The filing was submitted by Neeta Arvind Singh, Company Secretary and Compliance Officer.