Akzo Nobel India Limited has received a Show Cause Notice u/s 73 of CGST ACT/Rules, 2017 due to the disallowance of ITC and tax due for the period from April 2020 to March 2021.
Karnataka GST Department has levied a demand of ₹44,48,65,290/- (comprising Tax – ₹23,94,32,341/-; Interest – ₹15,75,46,480/-; and Penalty – ₹4,78,86,468/-).
The company is likely to file a response within the stipulated time. “This is a Show Cause Notice and is open for further submissions before the relevant authorities,” Akzo Nobel said in an exchange filing.
The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
