Indo Count Industries announced the conclusion of the inspection and search conducted by the Maharashtra State GST Department at its premises. The exercise concluded on March 17, 2026. The company has suo motu rectified discrepancies by agreeing to pay IGST for the period starting April 1, 2020. The only quantifiable financial impact is an expected compensatory interest charge of Rs. 12.81 crores.
GST Department Inspection Concludes
Indo Count Industries has provided an update regarding the inspection and search conducted by the Commissioner of State Tax, Maharashtra State, at the company’s premises in Maharashtra. This action was initiated under Section 67 of the Maharashtra Goods and Services Tax Act, 2017. The formal inspection and search activity concluded on Tuesday, March 17, 2026.
Rectification of Discrepancies
The company confirmed that it has taken immediate corrective action. It has suo motu rectified certain discrepancies by agreeing to pay the applicable IGST for the period commencing from April 1, 2020, up to the current date. The amount paid will subsequently be available for restitution or restoration, as applicable.
Quantifiable Financial Impact
The management has assessed the impact on the company’s financials, business operations, and other activities. There is no material impact expected on the overall business operations. The primary quantifiable financial consequence relates solely to the compensatory interest due on the settled IGST amount, estimated at Rs. 12.81 crores.
Source: BSE
