The Karnataka and Uttar Pradesh GST ( Goods and Services Tax ) department has issued a demand notice of Rs. 46.4 crores crores to AkzoNobel India for Input Tax Credit ( ITC ) disallowance and the tax dues for the Assessment year 2020-21.
The prominent paint company made this disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. It received the notice under Section 73 of the GST Act, 2017.
The Karnataka GST department, solely has levied an amount of a demand of ₹44,48,65,290/- – (comprising Tax – Rs. 23,94,32,341/-; Interest – Rs. 15,75,46,480/-; and Penalty – Rs. 4,78,86,468/-) as per the Show Cause Notice.
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Further, Uttar Pradesh GST department has levied demand of Rs. 1,92,15,477/- (comprising Tax – Rs. 1,74,68,616/-; Interest – Nil; and Penalty Rs. 17,46,861/-). Together, the company has a demand of Rs. 46.4 crores.
The Management, in its filing stated that “This is a Show Cause Notice and is open for further submissions before the relevant authorities and the Company is in the process of responding to the same within the stipulated time as mentioned therein.”
Akzonobel India Limited (Dulux Paint) company based out of India, which has been supplying the innovative paints and coatings for the past 60 years. The parent company was founded in 1792. Akzonobel India has been at the forefront of cutting edge innovation and has been supplying well-known brands like Dulux, Sikkens, International and Interpon.
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