Akzo Nobel India Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
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Awaiting price reaction for this filing.
Akzo Nobel India has received an appeal order from the Additional Commissioner of State Tax, Patna, in connection with a Bihar GST dispute for the period 2019-20. The original demand of Rs. 1.33 crore (tax of Rs. 71.5 lakh, interest of Rs. 54.7 lakh, and penalty of Rs. 7.2 lakh) has been reduced to Rs. 93.1 lakh (tax of Rs. 49.9 lakh, interest of Rs. 38.2 lakh, and penalty of Rs. 5 lakh) after the authority reviewed the company's earlier reply. The company is still in the process of preparing further submissions against this revised order within the allowed timeframe. The matter relates to disallowance of input tax credit under Section 73 of the CGST/SGST Act, 2017.
This is a modest positive for shareholders as the revised demand is roughly 30% lower than the original, though the company continues to contest the matter. The absolute amount (under Rs. 1 crore) is small relative to Akzo Nobel India's overall size, so material impact on financials is limited unless further escalation occurs.