India, Feb. 6 -- Fintech company Infibeam Avenues has received a tax demand and penalty notice totalling INR 32 Cr from Gujarat goods and services tax (GST) authorities.

In an exchange filing, the company said that the office of Central GST (joint commissioner common adjudicating authority CGST), Ahmedabad South issued the order, comprising tax demand of INR 16 Cr and a penalty of INR 16 Cr. The company received the notice on February 5.

In an order dated January 27, 2025, the GST officials disallowed certain GST exemptions claimed by the company on debit/credit card transactions, up to INR 2,000, between July 2017 and March 2024.

"Alleged disallowance of GST exemption claimed on debit /credit card transactions up to INR 2,000 vide sr....