Finolex Cables has received an order dated December 26, 2025, from the Superintendent, Range-IV Division-IV, CGST Goa, regarding ineligible Input Tax Credit (ITC) availed during fiscal years 2018-19 to 2022-23. The order alleges that GST credit taken on services from Depositary and Register and Transfer Agent is ineligible. The company has the option to appeal the order.
Details of the Order
An order was issued by the Superintendent, Range – IV, Division – IV, CGST Goa, on December 26, 2025. The order concerns a demand related to a Show Cause Notice. The Show Cause Notice was issued concerning ineligible Input Tax Credit (ITC) that Finolex Cables had availed during fiscal years 2018-19 to 2022-23.
Allegations and Impact
The core allegation is that the Goods and Services Tax (GST) credit claimed by Finolex Cables on services received from its Depositary and Register and Transfer Agent is deemed ineligible. The tax demand amounts to Rs. 15,98,544, comprising Rs. 7,99,272 in tax and Rs. 7,99,272 in penalty.
Financial Impact Assessment
Finolex Cables has stated that the financial impact of Rs. 15,98,544 is not expected to have a major impact on the overall operations of the Company. The company retains the option to file an appeal against this order before the Appellate Authority.
Source: BSE
