Gujarat GST demand of about Rs 4.36 lakh fully dropped in favor of company

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On the reaction day the stock moved 1.2 pts more than Nifty Smallcap 250 and 1.0 pts more than its Paints peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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AI summary

Akzo Nobel India received an order from the Gujarat GST Department on December 26, 2025, fully dropping a tax demand of Rs 4,36,279 along with applicable interest and penalty. The demand related to a duplicate e-way bill issue for April 2018 to March 2019 under Section 74 of the CGST/SGST Act. The company had responded to the earlier show cause notice with supporting documents, and the Superintendent reviewed and dropped the entire demand.

Likely market impact

Favorable outcome with no financial liability. Removes overhang from this GST dispute.