Update regarding drop of proceedings under section 73(6) of GST Act, by the Assistant Commissioner, Bengaluru, Karnataka.
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Indag Rubber Limited has received an order dated April 02, 2025, from the Assistant Commissioner of Commercial Taxes, Bengaluru, Karnataka, dropping the proceedings initiated under Section 73 of the GST Act, 2017 for the financial year 2020-21. This follows the company's reply to the earlier show cause notice dated November 15, 2024. As a result, the company is no longer required to pay any GST or interest amount that was under dispute. The company has confirmed there will be no impact on its financial position, operations, or other activities.
Positive for shareholders — the tax uncertainty has been resolved in the company's favour with no additional financial liability, removing an overhang on the stock.