Receipt of order from Assistant Commissioner, Tamil Nadu u/s 73(5) of GST Act
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Indag Rubber has received a GST notice in form DRC-1 from the Assistant Commissioner of Annathanapatty, Salem, Tamil Nadu, under Section 73(5) of the GST Act, 2017. The notice relates to FY 2021-22 and proposes a total demand of Rs. 66.20 lakh, which includes a GST demand of Rs. 38.99 lakh, interest of Rs. 23.28 lakh, and a penalty of Rs. 3.93 lakh. The reason cited is wrong availment of Input Tax Credit (ITC) on ineligible and blocked credit. The company says it will file an appropriate response within the prescribed timelines and has stated there is no major impact on its financials, operations, or other activities. The disclosure was also delayed due to an inadvertent oversight, which the company has acknowledged.
The demand amount of Rs. 66.20 lakh is relatively small for the company and is unlikely to materially affect operations, though final financial impact will depend on the outcome of the company's response. Shareholders should watch for updates on whether the company can successfully contest the ITC claim.