Asian Paints Hit with Rs.13.83 Cr GST Demand Notice and Rs.1.38 Cr Penalty
Asian paints received a GST demand notice of Rs. 13.83 crore and a penalty of Rs. 1.38 crore
The prominent company, Asian Paints disclosed on Monday that the company had received a GST demand notice from the Deputy Commissioner of State Tax in Chennai, which totaled Rs. 13.83 crore and included a penalty of Rs. 1.38 crore. This demand is related to disparities in the input tax credit (ITC) and concerns the fiscal year 2017–18. Asian Paints, resolute in its defense of its...
The prominent company, Asian Paints disclosed on Monday that the company had received a GST demand notice from the Deputy Commissioner of State Tax in Chennai, which totaled Rs. 13.83 crore and included a penalty of Rs. 1.38 crore. This demand is related to disparities in the input tax credit (ITC) and concerns the fiscal year 2017–18.
Asian Paints, resolute in its defense of its position, announced its plan to seek rectification and/or appeal processes within the allotted time frames in reaction to these events. It emphasised its dedication is dedicated to adhering to regulations and that it has fulfilled its tax duties related to outside supplies, making sure that all requirements necessary to receive Input Tax Credits are met.
The order was issued in accordance with the relevant provisions of the Central Goods and Services Tax Act, 2017 and the Tamil Nadu Goods and Services Tax Act, 2017. It included requests for additional tax on outward supplies, disallowance resulting from mismatches in the input tax credit, and claims for input tax credits for the fiscal years 2017–18 and 2018–19.
The company made an effort to persuade stakeholders that the company's operations, finances, and other activities would not be profoundly affected by the fine, even in spite of it.
Asian Paints Ltd is an Indian multinational paint company, headquartered in Mumbai, Maharashtra, India. The company is engaged in the business of manufacturing, selling and distribution of paints, coatings, products related to home décor, bath fittings and providing related services. The stock price of Asian Paints has come down by 0.57% today.
Recently, the online food delivery platform Zomato has revealed the receipt of a GST demand notice amounting to 402 crores. Nevertheless, the company has emphatically refuted any liability in this matter.
Moreover, the ICICI Lombard General Insurance company was served with a GST demand notice amounting to Rs. 5.66 crores. According to the details revealed in the regulatory filing, the company received an order from the Joint Commissioner CGST & Central Excise in Bhopal, Madhya Pradesh. The order specified a GST demand totaling Rs. 5,66,02,264, accompanied by a penalty imposition of Rs. 56,60,226.
Read More: ICICI Lombard gets served with a GST Demand Notice to the tune of Rs. 5.66 Cr
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