News Stocks Updater Services Limited Wins GST Appeal as Rs 4.69 Crore Demand Dropped by Chennai AuthorityUpdater Services Limited Wins GST Appeal as Rs 4.69 Crore Demand Dropped by Chennai Authority
Updater Services Limited has won its GST appeal case with the Joint Commissioner (St), Appeals, Chennai dropping the entire demand of Rs 4,69,14,392 on February 3, 2026. The appellate authority's order, received on the same date, completely sets aside the GST Department's demand based on the company's submissions and documentary evidence. This favorable decision eliminates any liability for the company and resolves the GST matter that was initially disclosed to exchanges in April 2024.
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Updater Services has secured a major victory in its GST appeal case, with the appellate authority completely dropping a substantial tax demand. The company informed stock exchanges about this favorable development through a regulatory filing on February 4, 2026.
Appeal Outcome Details
The Joint Commissioner (St), Appeals, Chennai issued an order on February 3, 2026, with reference number ZD330226020901W, dropping the GST demand in its entirety. The company received this order on the same date it was passed.
| Parameter: | Details |
|---|---|
| Authority: | Joint Commissioner (St), Appeals, Chennai |
| Order Date: | February 3, 2026 |
| Reference Number: | ZD330226020901W |
| Order Receipt Date: | February 3, 2026 |
| Nature of Order: | Demand dropped in full |
Financial Impact
The appellate authority's decision has significant positive financial implications for Updater Services Limited. Based on the company's submissions and documentary evidence presented during the appellate proceedings, the authority ruled in favor of the company.
| Financial Impact: | Amount |
|---|---|
| Original GST Demand: | Rs 4,69,14,392 |
| Amount Dropped: | Rs 4,69,14,392 (Full amount) |
| Remaining Liability: | Nil |
Regulatory Compliance
The company has fulfilled its disclosure obligations under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This notification follows the company's earlier intimation to stock exchanges dated April 17, 2024, regarding the ongoing GST matter.
The favorable order means the demand raised by the GST Department now stands completely set aside, with no remaining liability for the company. This resolution eliminates a significant contingent liability that had been pending since the original GST proceedings began.
Historical Stock Returns for Updater Services
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +8.20% | +6.51% | -15.11% | -42.71% | -51.83% | -42.81% |
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