The company stated in its regulatory filings that the penalty of INR 6,68,02,395 was slapped by the Senior Joint Commissioner Large Tax Payer Unit, Corporate Division, West Bengal. “The Company has received order confirming demand on account of Excess availment of credit under section 73 of the CGST/ SGST Act, 2017”, the company stated.
The other penalty is slapped by Assistant Commissioner State Tax, Patilputra Circle, Commercial Tax department, Bihar, of INR 44,72,054. “The Company has received an order confirming demand on account of short payment of Tax under section 73(9) of the CGST/ SGST Act, 2017”, the company added.
However, for both the penalties the company stated that there is no material impact on financial and operational activities of the company on account of this order. The company is also reviewing the order and will exercise the right to file an appeal.
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