Tax demand of Rs 1.97 cr plus penalty from CGST Surat
AARTIIND · price
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Aarti Industries received an order from the Additional Commissioner of CGST and Central Excise, Surat demanding Rs 1.97 crore in excise duty along with Rs 0.38 crore penalty under the Central Excise Act, 1944. The matter relates to the company's Di-Calcium Phosphate supplies for the period February 2015 to May 2017 and follows earlier show cause notices. The company states the demand will have no material impact on its financials or operations and is filing an appeal.
Company says no material financial impact and is appealing; small excise-related demand is unlikely to affect share price significantly.