Page 192 - Arvind 2024

Notes to Standalone Financial Statements for the year ended 31st March, 2024 (Amount in Rs. Lac, unless stated otherwise)
The Company has not recognized and acknowledged the claims as liability in the books of account amounting to Rs. 473.84 Lac (March 31, 2023: Rs. 249.66 Lac ) which have been made against the company by Department of Goods and service tax & Karnataka VAT, since such claims have been disputed and pending before the appropriate authorities for final adjudication and accordingly sub-judice. The claim of TDR of Rs. 226.54 Lac (March 31, 2023: Rs. 207.44 Lac) , Out of which Rs. 207.44 is paid under protest while Rs.42.22 have been paid in cash and by furnishing Bank guarantee which has been settled and revoked as on March 31, 2024. Further, the claim of Rs. 247.30 (March 31, 2023: Nil) pertains to denial of Tran-1 credit on the grounds that transitional credit availed is in excess to the credit available in the KVAT returns. The company has been advised by its legal counsel that it is only possible, but not probable, that the action will succeed. Accordingly, no provision for any liability has been made in these financial statements.
29 Segment Reporting
The Company’s primary business is development of real estate comprising of residential, commercial and industrial projects. Company’s performance for operation as defined in Ind AS 108 is evaluated as a whole by the Managing Director & CEO/Chief Financial Officer who are chief operating decision maker (‘CODM’) of the Company based on which development of real estate activities are considered as a single operating segment. The Company reports geographical segment which is based on the areas in which major operating divisions of the Company operate and the entire operations are based only in India and hence no further disclosures are made in this regards. During the year 2023-24 and 2022-23 , no single external customer has generated revenue of 10% or more of the Company’s total revenue.
30 Disclosure pursuant to employee benefits
A. Defined contribution plans : Provident fund and employee state insurance
The company makes contribution towards employees’ provident fund and employees’ state insurance plan scheme. Under the rules of these schemes, the Company is required to contribute a specified percentage of payroll costs. The Company during the year recognized Rs. 182.06 Lac (March 31,2023 : Rs. 137.66 Lac) as expense towards contributions to these plans. The company does not have any further obligation in this regards.
B. Defined benefit plans
(a) Gratuity
The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement / termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service. The gratuity plan is a non funded plan.
190 | Arvind SmartSpaces Limited