GST appeal partially allowed; demand cut from Rs 4.25 crore to about Rs 4 lakh
TNPETRO · price
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On the reaction day the stock moved 1.9 pts less than Nifty Microcap 250 and 2.4 pts less than its Petrochemicals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Tamilnadu Petroproducts had appealed against a GST demand of Rs 4.25 crore plus a Rs 42.5 lakh penalty from the Additional Commissioner of CGST for FY 2020-21. The Commissioner (Appeals-I) has partially allowed the appeal, reducing the tax demand to about Rs 4.05 lakh. The original total demand inclusive of interest and penalty was Rs 4.68 crore. The company says there is no material impact on its financial or operations.
Favorable outcome for the company as GST demand was slashed by over 99 percent, easing the financial liability materially.