Valiant Organics Limited has informed the Exchange regarding 'Intimation Received From Tax Authority, Gujarat'.
VALIANTORG · price
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Valiant Organics has received a tax demand notice from the Commissionerate of Taxes, Gujarat, for Rs. 1,43,54,484 (approximately Rs. 1.44 crore) including tax, interest, and penalty. The demand pertains to FY 2018–19 and relates to Amarjyot Chemical Limited, which merged with Valiant Organics in March 2019. The tax authority has alleged excess claim of Input Tax Credit (ITC) and short payment of tax based on discrepancies in GST returns (GSTR-3B, GSTR-1, GSTR-2A, GSTR-9) and E-way bills. The notice was issued under Section 73(5) and 74(5) of the Gujarat and Central GST Acts. The Company has stated it will challenge the demand on merits by filing its reply before the relevant authorities.
The Company says there is no material impact on its financial, operational, or other activities from this notice. The amount is relatively small compared to typical company operations, and the Company plans to contest it, though an adverse outcome could result in a financial outflow of up to Rs. 1.44 crore.