R&B Denims Limited has informed the Exchange about the update on intimation of Penalty

RNBDENIMS · price

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AI summary

R&B Denims Limited has informed the exchange that the penalty of Rs. 43,66,118/- previously imposed by the Assistant Commissioner of Central Goods and Services Tax, Gujarat, has been set aside. The original penalty was related to an issue concerning the availment of Input Tax Credit (ITC). The company had filed an appeal before the appropriate appellate authority, which has now been decided in the company's favour. The company has stated that there is no financial impact from this development. This update follows an earlier announcement made on BSE Limited on 18th April 2025, when the company's shares were listed there.

Likely market impact

This is positive news for shareholders - the GST penalty of ~Rs. 43.66 lakh has been fully reversed, removing any potential financial liability and uncertainty around the matter.