Sterling and Wilson Renewable Energy Limited has informed the Exchange about order has been issued by Assistant Commissioner, CGST, Bhuj Gujarat to recover the excess payment of refund of Rs. 1.85 Crore plus interest and equivalent amount of penalty
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Sterling and Wilson Renewable Energy Limited has received an order from the Assistant Commissioner of CGST, Bhuj (Gujarat), directing the company to pay back an excess refund of Rs. 1.85 Crore that was earlier granted to it. Along with the principal amount, the company will also have to pay interest and an equivalent penalty amount of Rs. 1.85 Crore, taking the total potential outflow to roughly Rs. 5.55 Crore or more. The order pertains to a GST refund claim that the tax department has now deemed ineligible or excessive. The company may have the option to appeal this order before higher tax authorities.
This is a relatively small financial hit for the company and is unlikely to materially affect its stock price or operations. However, it signals ongoing tax-related scrutiny and could create a minor negative sentiment in the short term.