GST demand cut from 43.7 lakh to 1.98 lakh after rectification order
WABAG · price
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VA Tech Wabag received a favorable rectification order from UP GST authorities, slashing an earlier demand of about 43.7 lakh rupees (excess ITC claim for FY 2019-20 under Section 74 of CGST Act) to about 1.98 lakh rupees. The original demand was quashed. The revised amount covers basic tax, interest, and penalty, and will be paid by the company. The company states there is no material impact on financial, operations, or other activities.
Positive outcome - GST demand cut by about 95% to 1.98 lakh rupees. No material impact on operations or financials.