Highlights
- Akzo Nobel India Limited has received a Show Cause Notice under Section 73 of the Central Goods and Services Tax Act/Rules, 2017 as part of the Goods and Services Tax audit.
- The demand order issued to Akzo Nobel India Limited mentions the disallowance of Input Tax Credit and tax due for the period from April 2020 to March 2021, totaling ₹1,75,41,188.
- Akzo Nobel India Limited is in the process of responding to the Show Cause Notice within the stipulated time as specified in the notice.
Akzo Nobel India Limited has received a Show Cause Notice u/s 73 of the CGST ACT/Rules, 2017 as part of the GST audit, according to an exchange filing.
The demand order mentions the disallowance of Input Tax Credit and tax due for the period from April 2020 to March 2021.
The order has levied a demand aggregating to ₹1,75,41,188/- (comprising Tax amounting to ₹ 1,00,23,693/-; Interest amounting to ₹65,15,126/-; and Penalty amounting to ₹10,02,369/-).
“This is a Show Cause Notice and is open for further submissions before the relevant authorities and the Company is in the process of responding to the same within the stipulated time as mentioned therein,” Akzo Nobel said in an exchange filing.
The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
