In a significant development, Fusion Finance Limited (formerly known as Fusion Micro Finance Limited) has received a favorable order regarding a Show Cause Notice (SCN) issued under Section 73 of the Central Goods and Services Tax (CGST) Act, 2017.
Background of the Case:On November 27, 2024, the Joint Commissioner, Corporate Circle, Varanasi, Uttar Pradesh, issued a Show Cause Notice to Fusion Finance Limited due to an alleged mismatch in Input Tax Credit (ITC). The company was directed to pay a total amount of ₹1,78,15,609, which included:
- ₹96,30,058 as tax amount
- ₹72,22,545 as interest
- ₹9,63,006 as penalty
Recent Development: SCN Proceedings Dropped:In a recent order dated February 15, 2025, the Joint Commissioner, Corporate Circle, Varanasi, officially dropped the proceedings under Section 73 of CGST Act, 2017, with nil demand. This effectively means that the company no longer has any outstanding liability concerning the Show Cause Notice.
Impact on Fusion Finance Limited:The order comes as a major relief for Fusion Finance Limited as it ensures:
✅ No financial liability—since the demand has been dropped, the company does not have to pay the previously stated amount.
✅ No operational disruptions—the company can continue its business operations without concerns regarding the SCN.
✅ Strengthened regulatory compliance—this decision reinforces Fusion Finance Limited’s adherence to tax regulations.
Official Statement from the Company
Fusion Finance Limited has officially communicated this update in compliance with Regulation 30(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. In a letter signed by Deepak Madaan, Company Secretary & Chief Compliance Officer, the company has confirmed that the demand as per the Show Cause Notice has been dropped and the matter stands concluded.
Disclaimer
The information provided in this article is for informational purposes only and is based on publicly available disclosures from Fusion Finance Limited. While we strive for accuracy, we do not guarantee the completeness or reliability of the content. Readers are advised to verify details from official sources before making any financial or investment decisions. SensexNifty.com is not responsible for any actions taken based on this information
