Legal31 March 2026 at 11:21 am
Camlin Fine Sciences Faces Rs. 96,65,820 Tax Demand from Assistant Commissioner
AI Summary
Camlin Fine Sciences Ltd. has received an order from the Assistant Commissioner, Office of the Asst. / Dy. Commissioner of (CGST & C. Ex.), Division-IV, Palghar Commissionerate, demanding a total of Rs. 96,65,820 under the provisions of Section 74(9) of the CGST Act, 2017, read with corresponding MGST Act, 2017, and IGST Act, 2017. The demand includes tax, interest, and penalty for non-payment of tax under the Reverse Charge Mechanism (RCM) for foreign currency expenses reimbursed to foreign subsidiaries during financial years 2019-20 to 2022-23. The Company is examining the order and preparing to file an appeal.
Key Highlights
- Camlin Fine Sciences Ltd. has received a tax demand order from the Assistant Commissioner, Office of the Asst. / Dy. Commissioner of (CGST & C. Ex.), Division-IV, Palghar Commissionerate.
- The demand includes tax, interest, and penalty totaling Rs. 96,65,820 under the provisions of Section 74(9) of the CGST Act, 2017, read with corresponding MGST Act, 2017, and IGST Act, 2017.
- The demand is for non-payment of tax under the Reverse Charge Mechanism (RCM) for foreign currency expenses reimbursed to foreign subsidiaries during financial years 2019-20 to 2022-23.
- The Company is examining the order and preparing to file an appeal against the demand.
- There is no material impact on financial, operation, or other activities of the Company due to the intimation of tax demanded vide above Order.