CGST Kolhapur orders Rs 32.09 lakh penalty over IPO expense ITC claim
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CGST Kolhapur Commissionerate passed an order (Form DRC-07) demanding an aggregate penalty of Rs 32.09 lakh (Rs 1.85 lakh under Section 73(9) and Rs 30.24 lakh under Section 74A(5)) alleging the company wrongly claimed input tax credit on IPO-related expenses. The order follows a December 2025 show cause notice from DGGI Pune, which the company had contested in January 2026. The company plans to appeal, says it has strong grounds at higher forum, and expects no material financial or operational impact as it holds sufficient ITC to cover the demand.
Small penalty relative to company size; firm will appeal and expects no material financial hit, but appeal outcome remains a watch point.