Kansai Nerolac Paints Limited has informed the Exchange about Action(s) initiated or orders passed
KANSAINER · price
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On the reaction day the stock moved 0.5 pts less than Nifty Microcap 250 and 0.5 pts less 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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Kansai Nerolac Paints has disclosed that it received a tax order under Section 73(9) of the CGST Act, 2017 from the Deputy Commissioner of State GST, Maharashtra, for FY 2020-21. The order involves partial disallowance of Input Tax Credit (ITC) and alleged short payment of tax on certain supplies, with a penalty of about Rs. 3.91 crore imposed. The company has filed an appeal before the Joint Commissioner of State GST (Appeals) and also applied for rectification, calling the order based on wrong facts and legal errors. The company says it has already paid the required taxes and that there are no material financial implications from this matter.
The penalty amount of around Rs. 3.91 crore is small relative to the company's overall size, and since the company is contesting the order, near-term impact on shareholders is limited. Investors should watch the appeal outcome, but the disclosure itself is unlikely to move the stock meaningfully.