Vishal Mega Mart Limited announced it received an order from the Assistant Commissioner, LGSTO 38-Bengaluru, related to the Financial Year 2019-20. The order pertains to the allegation of excess Input Tax Credit (ITC) availed by the company. The total financial impact includes a tax demand of ₹23.43 Lakhs, interest of ₹24.98 Lakhs, and a penalty of ₹23.43 Lakhs. The company is currently reviewing the order and evaluating its next steps.
Disclosure of Regulatory Order
Vishal Mega Mart Limited has formally disclosed receipt of an order issued by the Assistant Commissioner, LGSTO 38-Bengaluru, DGSTO-5, Karnataka, on March 24, 2026. This communication pertains to actions taken under Section 74 of the CGST Act, 2017.
Allegation Details
The core of the order concerns the alleged contravention of utilizing excess Input Tax Credit (ITC) during the Financial Year 2019-20. The company has confirmed the details of this assessment.
Quantifiable Financial Impact
The monetary impact resulting from this order is explicitly quantified, covering three distinct components:
- Tax Demand: Rs. 23,43,585/-
- Interest: Rs. 24,98,262/-
- Penalty: Rs. 23,43,585/-
The total quantified demand amounts to Rs. 71,85,432/-. The management has stated that this financial impact, while significant, will have no material effect on the day-to-day operations or other activities of the Company.
Company Response
Vishal Mega Mart Limited confirmed that it is currently reviewing the Order thoroughly and is in the process of evaluating the appropriate next steps to address the findings.
Source: BSE
