Jubilant Ingrevia Limited Faces Tax Demand Under CGST Act
Jubilant Ingrevia Limited has encountered a significant regulatory challenge, having received an order under Section-73 of the CGST Act, 2017 from the Joint Commissioner in Pune – II, Maharashtra. The demand confirmed amounts to Rs. 6,63,00,738/- for the financial year 2020-21, as detailed in the company’s recent regulatory filing.
The order pertains to the purported incorrect availing and utilization of Input Tax Credit, allegedly in violation of Section 16 of the GST Act(s) established in 2017. Consequently, a tax demand accompanied by a 10% penalty has been imposed on the amount demanded.
In response to this development, Jubilant Ingrevia has expressed its strong belief that the order is incorrect in law. The company is preparing to defend its position vigorously and intends to file an appeal against the order.
This disclosure was made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, highlighting the company’s commitment to transparency and compliance with regulatory requirements.
As the situation develops, stakeholders will be closely monitoring the company’s response and the subsequent legal proceedings.
