Crompton has received an order from the Joint Commissioner, Lucknow, regarding a GST demand of INR 57,187 for the period of April 2021 to March 2022. The demand includes INR 28,370 in tax, INR 18,817 in interest, and a penalty of INR 10,000. Crompton plans to appeal the order and expects a favorable outcome.
GST Demand Details
Crompton has received an order from the Joint Commissioner in Lucknow, Uttar Pradesh, indicating a GST demand for the period spanning April 2021 to March 2022. The total demand amounts to INR 57,187, broken down as follows:
- Tax: INR 28,370
- Interest: INR 18,817
- Penalty: INR 10,000
Reason for Demand
The GST demand arises from an alleged excess Input Tax Credit (ITC) claimed in GSTR 3B as compared to GSTR 2A for the specified period (April 2021 – March 2022).
Company’s Response
Based on legal advice, Crompton plans to appeal the order before the Commissioner (Appeals) and anticipates a favorable resolution. The company currently does not foresee any material impact on its financial operations due to this matter.
Source: BSE