GST penalty of Rs 11.63 lakh imposed by tax authority
SIDDHICOTS · price
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Siddhi Cotspin received an order from the Commissioner (Appeals), Customs and Central GST, imposing a penalty of Rs 11,63,290 under Section 107(11) of the CGST Act, 2017. The matter relates to GST on cotton purchased by the company, where a third party supplier allegedly failed to pay GST. The company has filed an appeal and says the order is not expected to have a material impact on its financials or operations.
Minor penalty, not material to financials. Company is contesting the order through appeal.