New Delhi: The government has withdrawn a significant Goods and Services Tax (GST) demand amounting to Rs 202.83 crore from Jagran Prakashan, the publisher of the popular Hindi daily, Dainik Jagran. This development was revealed in a regulatory filing by the company.
On June 18, 2024, Jagran Prakashan received an “order for dropping the proceedings” related to the alleged GST demand of Rs 2,02,82,60,875, which included a penalty of Rs 18,43,87,351. The demand had been initiated through a show cause notice (SCN) issued by the joint commissioner of state GST in Kanpur.
In the same filing, Jagran Prakashan disclosed that there remains one outstanding SCN, which alleges a GST demand of Rs 13.50 crore, including a penalty of Rs 1.22 crore. However, the company, based on legal advice, is confident that it has a strong case on merit.
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Jagran Prakashan is a diverse media group with interests spanning the printing and publication of newspapers and magazines, FM radio, digital media, outdoor advertising, promotional marketing, event management, and activation businesses. The group publishes eight different publications across 13 states and Union Territories in five languages. Additionally, their radio business operates 39 FM stations alongside web stations.
For the financial year ending March 31, 2024, Jagran Prakashan reported consolidated revenue from operations of Rs 1,933.91 crore, marking a 4.18% increase from the previous year.
This decision to withdraw the hefty GST demand comes as a significant relief for the company, potentially allowing it to focus more on its expansive media operations and growth strategies without the looming financial burden of the contested tax demand.
