Apcotex Industries Limited has informed the Exchange about the order passed by the Assistant Commissioner of the State Tax, Mumbai, Maharashtra.
APCOTEXIND · price
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Apcotex Industries has received an order from the Assistant Commissioner of State Tax, Mumbai, related to GST for the financial year 2018-19. The order alleges that the company availed blocked credit and ineligible Input Tax Credit (ITC) under the Maharashtra GST Act, IGST Act, and CGST Act. The demand includes a tax of Rs. 3.91 lakh, interest of Rs. 5.07 lakh, and a penalty of Rs. 4.32 lakh, taking the total to about Rs. 13.3 lakh. The company is evaluating the order with its legal counsel and will decide on its next course of action. Management has stated that it does not expect the order to have any material financial impact on the company.
The total financial exposure is small (around Rs. 13.3 lakh) and the company says it will not materially impact operations or finances. Shareholders are unlikely to see any meaningful effect on the stock, though the matter is still being reviewed and could be appealed.