Kalpataru Projects Receives Rs 1.07 Crore Tax Notice From Afghanistan Government

Kalpataru Projects International Ltd. on Tuesday said it has received a tax notice and fine worth Rs 1.07 crore from the Afghanistan government. The notice, received on Aug. 26, is for non-submission of certain declarations.

The company's branch office in Afghanistan received certain tax challans with demand of tax liability, additional tax and fine due to non-submission of certain declarations for financial year 2021 and 2022, the company said through an exchange filing.

The Afghanistan authority has demanded tax liability of AFN 8,774,153 (Rs 1.04 crore), an additional tax of AFN 12,150 (Rs 0.14 lakh) and a fine of AFN 166,401 (Rs 1.98 lakh).

"The branch anticipates this additional tax and fine may be waived off by the Ministry of Finance once the payment towards the tax liability is discharged," the company said in the exchange filing.

Earlier this month, the company also received a tax notice from the GST authority in India. The authority has demanded a total tax payment of Rs 10.50 lakh along with a penalty of Rs 1.50 lakh. The authority has also proposed to levy interest as applicable.

Kalpataru Projects International's stock rose as much as 2.49% during the day to Rs 1,339.70 apiece on the NSE. The stock was trading 1.52% higher at Rs 1,327 per share as of 3:07 p.m., compared to a 0.06% advance in the benchmark Nifty 50. It has risen 108.83% in the last 12 months and 85.53% year-to-date.