Akzo Nobel India has received an order related to a show cause notice from the Karnataka GST Department. The notice concerns a disallowance of input tax credit for the period of April 2021 to March 2022. The order demands payment of ₹2,45,61,915, inclusive of tax, interest, and penalty. The company is currently reviewing the order and plans to respond within the specified timeframe.
Update on Karnataka GST Order
Akzo Nobel India has received an order following a show cause notice issued by the Karnataka GST Department. The original notice was for the period covering April 2021 to March 2022, pertaining to the disallowance of input tax credit.
Financial Impact
The received order specifies a total demand of ₹2,45,61,915. This amount comprises:
- Tax: ₹1,38,13,025
- Interest: ₹93,67,588
- Penalty: ₹13,81,302
Company Response
Akzo Nobel India is currently evaluating the order and preparing to submit further representations to the relevant authorities within the stipulated timeframe. The company had previously submitted its response to the initial show cause notice, providing supporting documentation.
Source: BSE
