India, Feb. 5 -- The GST department has upheld a tax demand of Rs.37.33 Cr against listed fintech major Pine Labs for a case dating back to FY20.

The dues include non-payment of GST worth almost Rs.14.9 Cr, on which accrued interest has climbed to almost Rs.20.9 Cr. In addition, it is facing a penalty of Rs.1.48 Cr.

Pine Labs said that the order won't have any "immediate material impact on the financial, operation and other activities of the company". It is in the process of filing an appeal against the order before the Customs, Excise And Service Tax Appellate Tribunal (CESTAT).

According to Pine Labs, the unpaid GST originated from its acquisition of digital gift card company Qwikcilver Solutions Private Limited in 2019, which it mer...