Digital payments major Pine Labs Ltd. has received a GST demand order totaling approximately ₹37.33 crore from the Office of the Joint Commissioner of Commercial Taxes (Appeals)-4, Bengaluru.
The order, which was received by the company on February 4, 2026, pertains to the financial year 2019-20.
The tax matter is linked to Qwikcilver Solutions Private Limited, a company that was amalgamated with Pine Labs following a National Company Law Tribunal (NCLT) order dated September 14, 2022.
According to the regulatory filing, the demand was previously disclosed in the company’s Offer Documents for its Initial Public Offer (IPO).
The aggregate amount of ₹37,33,38,296 is composed of the following:
- Tax: ₹14,89,36,336
- Interest: ₹20,95,08,327
- Penalty: ₹1,48,93,634
Pine Labs has stated that the order currently has no immediate material impact on the company’s financial, operational, or other activities.
The company is in the process of examining the order in detail and has confirmed its intention to file an appeal against the Joint Commissioner’s ruling before the Customs, Excise and Service Tax Appellate Tribunal (CESTAT).
This disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Investors can find further details regarding this matter on the company’s official investor relations website.
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