Gujarat State Petronet Limited informs the exchange under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 regarding receipt of Income Tax Order
Awaiting price reaction for this filing.
Gujarat State Petronet received an Income Tax scrutiny assessment order for Assessment Year 2024-25 (FY 2023-24) on 23 March 2026. The order accepted the company's returned income of Rs. 1,435 crore as the assessed income without any additions or disallowances, meaning no tax violation was found. However, the tax department's computation sheet erroneously showed total income as Rs. 1,683 crore instead of Rs. 1,435 crore, a Rs. 248 crore discrepancy, resulting in an erroneous tax demand of Rs. 77.76 crore (including interest). The company states this is a mistake apparent on record by the department and the company has not committed any violation. GSPL plans to file a rectification application along with a stay on the demand and is confident the demand will be nullified.
No material financial impact is expected at this stage since the demand arises from a computational error by the tax department rather than any actual disallowance. Shareholders should watch for updates on the rectification outcome, but the company's position appears defensible.