Camlin Fine Sciences Limited has informed the Exchange about Action(s) taken or orders passed
CAMLINFINE · price
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On the reaction day the stock moved 1.7 pts less than Nifty Microcap 250 and 1.1 pts less than its Specialty Chemicals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Camlin Fine Sciences has received an Order in Original from the Assistant Commissioner of CGST & Central Excise, Palghar Commissionerate, demanding Rs. 48.59 lakh in ineligible Input Tax Credit (Rs. 22.62 lakh CGST + Rs. 22.62 lakh SGST + Rs. 3.35 lakh IGST) for FY 2018-19 and 2019-20. The order relates to short or non-reversal of ITC on exempt, nil-rated, and non-GST supplies as per GSTR-3B vs. GSTR-9 returns. Along with the demand, applicable interest under Section 50(1) and a 50% penalty under Section 122(2)(b) of the CGST Act have also been imposed. The company has stated there is no material financial or operational impact and is in the process of filing an appeal against the order.
The tax demand is relatively small compared to typical company operations, and the company maintains there is no material impact. The stock is unlikely to see a significant reaction, though investors should monitor the appeal outcome.