GST demand of about Rs 2.18 crore confirmed against Nira Plant for FY18

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AI summary

Jubilant Ingrevia's Nira Plant received an appeal order from the Joint Commissioner of State Tax, Pune confirming a GST demand for FY 2017-18. The demand covers tax of about Rs 1.04 crore, interest of about Rs 1.03 crore, and penalty of about Rs 10.4 lakh. The allegation is wrong availment and utilisation of Input Tax Credit. The company plans to appeal before the GST Appellate Tribunal and has stated it sees no material financial or operational impact from this order.

Likely market impact

Tax demand of about Rs 2.18 crore confirmed for FY18 at Nira Plant. Company to appeal; claims no material impact.