Vardhman Acrylics faces Rs 2 crore GST penalty, plans to appeal
VARDHACRLC · price
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Vardhman Acrylics has been slapped with a penalty of about Rs 2 crore by the Joint Commissioner of Central GST and Excise, Vadodara. The penalty is for alleged wrongful claim of Input Tax Credit (ITC) on certain goods and services. The company plans to appeal this order before the Commissioner (Appeals). Management has clarified that the order has no material impact on its financials, operations, or other activities.
Rs 2 crore penalty is small relative to company size and management says no material impact. Appeal pending, outcome remains a key monitorable.