J. B. Chemicals & Pharmaceuticals Ltd. announced the receipt of an order from the State Tax Officer in Chennai, imposing a penalty of INR 80,81,126/- under the Goods and Service Act, 2017. The order relates to an alleged reversal of tax liability concerning discrepancies between tax returns and books for the April 2019 to March 2020 period. The company plans to file an appeal and does not currently anticipate a material financial impact from this specific order.
Disclosure of Regulatory Order Received
J. B. Chemicals & Pharmaceuticals Ltd. officially informed the exchanges on March 19, 2026, regarding an order received from the State Tax Officer, Intelligence, in Chennai, Tamil Nadu. This disclosure was made pursuant to applicable listing regulations concerning material events.
Details of the Imposed Order
The action taken by the authority was an order passed under Section 74 of the Goods and Service Act, 2017. This order imposed a financial penalty amounting to INR 80,81,126/-. The receipt date of this official communication was noted as March 18, 2026, at 7:23 pm.
Alleged Contravention
The core allegation leading to the penalty involves the reversal of tax liability due to a difference observed between the tax returns filed and the company’s books of accounts for the financial period spanning April 2019 to March 2020.
Company Assessment and Financial Impact
The management has assessed the situation and confirmed that the company intends to file an appeal against the order. Based on this assessment, the company remains hopeful for a favorable resolution at the appellate level. Consequently, the company currently does not reasonably expect the said Order to have any material financial impact on its operations or finances.
Source: BSE
