Cords Cable gets GST demand order of Rs 1.06 crore plus penalty
CORDSCABLE · price
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Cords Cable Industries received a GST demand order from CGST authorities in Bhiwadi, Rajasthan. Demand of Rs 1.05 crore IGST for F.Y. 2018-19 to 2020-21 for incorrect input tax credit, with equal penalty and interest. Company has deposited Rs 1.77 crore under protest. Penalty also imposed on MD and erstwhile Whole Time Director. Company plans to appeal; says no material financial impact.
Tax demand under appeal with Rs 1.77 crore already deposited under protest. Company says no material financial impact.