Camlin Fine Sciences Limited has informed the Exchange about Action(s) taken or orders passed
CAMLINFINE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Camlin Fine Sciences has received an order from the Additional Commissioner of CGST & Central Excise, Palghar, demanding Rs. 23.54 crore towards ineligible Input Tax Credit claimed on trade payables outstanding for more than 180 days during FY 2019-20 to FY 2022-23. The demand is split into IGST of Rs. 7.64 crore, CGST of Rs. 7.95 crore, and SGST of Rs. 7.95 crore. In addition, interest is applicable under Section 50 of the CGST Act, and a penalty of an equal amount (Rs. 23.54 crore) has been imposed under Section 74(1). The order has been passed under Section 74 of the CGST Act, 2017. The company has stated there is no material impact on its financials or operations and is in the process of filing an appeal against the order.
The total potential exposure (tax + penalty + interest) is over Rs. 47 crore, which is significant, though the company disputes the demand and plans to appeal. The stock may face short-term sentiment pressure until the appeal outcome is known, but the company's 'no material impact' stance suggests it is confident in overturning the order.