Valiant Organics Limited has informed the Exchange about Intimation Received From Tax Authority, Gujarat
VALIANTORG · price
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Valiant Organics Limited received a tax demand intimation from the Commissionerate of Taxes, Gujarat, aggregating to Rs. 1,43,54,484 (approximately ₹1.44 crore), including tax, interest, and penalty. The demand is under Section 73(5) and 74(5) of the Gujarat and Central GST Acts, alleging excess claim of Input Tax Credit (ITC) and short payment of tax for FY 2018-19. The issue pertains to Amarjyot Chemical Limited, which was merged with Valiant Organics in March 2019 pursuant to an NCLT order. The company has stated it will challenge the demand by filing submissions before the relevant authorities, and asserts there is no material financial or operational impact at this stage.
The ₹1.44 crore demand is relatively small compared to the company's scale and the company intends to contest it, so near-term impact on shareholders appears limited. However, the outcome of the challenge could result in a financial hit if the demand is upheld.