Finolex Cables Limited has informed the Exchange about General Updates
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Finolex Cables received two orders from the Additional Commissioner Grade-II Appeal in Lucknow, UP, confirming tax demands related to disallowance of Input Tax Credit due to mismatches on the GST portal. The first order demands Rs. 43.56 lakhs (tax Rs. 21.55 lakhs, interest Rs. 19.85 lakhs, penalty Rs. 2.15 lakhs) and the second demands Rs. 4.00 lakhs (tax Rs. 2.19 lakhs, interest Rs. 1.60 lakhs, penalty Rs. 21,900). The combined total demand is approximately Rs. 47.56 lakhs. The company has stated that these amounts are not material to its operations and plans to file an appeal before the Appellate Authority.
The tax demand is small relative to the company's scale and is not expected to materially affect operations, though the final outcome of the appeal remains pending. Shareholders should monitor the appellate process, but no immediate impact on financial performance is anticipated.