Order received from Assistant Commissioner, Salem, Tamil Nadu, under section 73(5) of GST Act, 2017, for FY 2021-22.
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Indag Rubber has received an order from the Assistant Commissioner of GST, Salem, Tamil Nadu under Section 73(5) of the GST Act, 2017 for FY 2021-22. The total demand is Rs. 66.20 lakh, broken into a tax demand of Rs. 38.99 lakh, interest of Rs. 23.28 lakh, and penalty of Rs. 3.93 lakh. The issue relates to alleged wrong availment of Input Tax Credit (ITC) on ineligible and blocked credit. The company has stated it will file an appropriate response within the prescribed timelines. The company has clarified that there is no major impact on its financial, operational, or other activities.
The demand amount (~Rs. 66 lakh) is relatively small compared to a typical mid-sized company's financials and is unlikely to materially affect the stock price. The company plans to contest the order, so the final liability could be lower if the response is successful.