Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 - The Company has received a Demand Order from Joint Commissioner, Office of Principal Commissioner of Central Tax Bengaluru West GST Commissionerate for the FY 2019-20 to 2020-21
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Refex Industries has received a GST demand order dated July 18, 2025 from the Joint Commissioner, Office of the Principal Commissioner of Central Tax, Bengaluru West, under Section 74 of the CGST Act, 2017. The demand covers FY 2019-20 and FY 2020-21 and totals Rs. 8,92,79,004, comprising equal tax and penalty of Rs. 4,46,39,502 each, plus applicable interest. The order relates to alleged inadmissible input tax credit (ITC) claims from parties whose GSTINs were inactive between June 2019 and August 2020. The company believes the demand is not maintainable and will file an appeal within the prescribed timeline. Management states this has no material impact on the company's financials, operations, or other activities.
Despite the ~Rs. 8.93 crore demand, management has categorically stated the order is not material to the company's financials or operations and will be contested in appeal. Shareholders should monitor the appeal outcome, but near-term impact on the stock is likely limited given management's confidence.