Astral Limited has informed the Exchange about Intimation Under Regulation 30 - Receipt of GST Order
ASTRAL · price
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Awaiting price reaction for this filing.
Astral Limited has received a GST order under Section 73 of the Central GST Act, 2017 from the Joint Commissioner (Appeals), Salem Circuit Office, Tamil Nadu. The order relates to excess Input Tax Credit (ITC) claimed in GSTR-3B compared to what was available in GSTR-2A for the period July 2017 to March 2021. The total tax demand is Rs. 26.80 lakh along with a penalty of Rs. 2.68 lakh and applicable interest. The company has stated that it will challenge the order by filing replies/submissions before the relevant authorities based on strong merits. The company has clarified that there is no material impact on its financial, operational, or other activities.
The tax demand is small (under Rs. 30 lakh total) relative to Astral's overall business and the company is contesting it, so the financial impact is limited. Shareholders should monitor the appeal outcome, but this is unlikely to materially affect the stock price.