Intimation under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and relevant SEBI Circulars is enclosed herewith.
KANSAINER · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
The Commissioner (Appeals), CGST & CX Appeal, Allahabad has passed an order under Rules 113(1) & 115 of the CGST Rules, 2017, confirming a penalty of Rs. 29,26,459 (approximately Rs. 29.26 lakh). The penalty arises from a partial disallowance of Input Tax Credit claimed by the company during FY 2020-21 for the state of Uttar Pradesh. The company states it holds relevant records and legal precedence to support its ITC claim and intends to file a further appeal before the GST Tribunal. Kansai Nerolac has confirmed there is no material impact on its financials, operations, or other activities as a result of this order.
The penalty amount is relatively small for a company of Kansai Nerolac's size, and the company's own assessment is that there is no material financial impact. However, the order signals a pending tax dispute that could involve further litigation costs if the appeal to the GST Tribunal proceeds.