Short Reversal of ITC: GST Dept slaps Suzlon with Rs. 4158 Penalty and Demand Show Cause Notice
This action has been taken under Section 74 of the Central Goods and Services Tax (CGST) Act, 2017, according to an official filing by Suzlon on October 23, 2024
The Hyderabad Office of the Commissioner of Indirect Taxes and Customs has imposed a penalty of ₹4,158 on Suzlon Energy Limited for the short reversal of input tax credit ( ITC ). The penalty notice, dated October 22, 2024, follows an audit observation conducted by the Superintendent of SAG41, Audit-1, Hyderabad, Telangana. The audit found discrepancies in Suzlon's ITC reversal,...
The Hyderabad Office of the Commissioner of Indirect Taxes and Customs has imposed a penalty of ₹4,158 on Suzlon Energy Limited for the short reversal of input tax credit ( ITC ).
The penalty notice, dated October 22, 2024, follows an audit observation conducted by the Superintendent of SAG41, Audit-1, Hyderabad, Telangana. The audit found discrepancies in Suzlon's ITC reversal, which resulted in the imposition of the fine.
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Suzlon, one of India's leading renewable energy solution providers, confirmed in its regulatory filing to both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) that the penalty was minor and would have no significant impact on its financial or operational activities.
The company emphasised that the penalty amount is nominal and does not affect its overall business operations.
In the regulatory filing, the Company stated that, “This is to inform that Office of the Commissioner of Indirect Taxes & Customs, Hyderabad has levied a nominal penalty of Rs.4,158/- upon the Company, the details of which are as per the enclosed.”
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The company further stated that it had complied with the necessary reporting requirements as per the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency with its stakeholders.
On the trading front, Suzlon Energy Limited's shares opened at ₹69.07 on the NSE following the announcement, reflecting stable investor confidence despite the minor penalty.
Suzlon Energy Limited is a pioneer in India’s renewable energy sector, offering comprehensive wind energy solutions, including the design, development, and management of wind energy projects.
The company is well-known for its 360-degree approach to wind energy projects, encompassing the entire lifecycle from conceptualization to commissioning.
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