India, Feb. 26 -- Fintech SaaS company Zaggle has been slapped with a penalty of INR 2.6 Cr by the Additional Commissioner, Rangareddy, Telangana under the IGST Act.

In an exchange filing, the company said, "Company has received the summary of order dated February 25, 2025 imposing a penalty under IGST Act, 2017 amounting to INR 2,59,32,290 from Additional Commissioner, Rangareddy, Telangana in relation to the assessment proceedings conducted for overriding commission for the financial year 2017-18."

The order, dated February 25, 2025, cites violations under the IGST Act, 2017.

The company said it plans to challenge the penalty, stating it expects a favourable outcome at the appellate level and does not foresee any material financial i...