Legal1 April 2026 at 04:41 pm
VIP Industries Faces Rs. 41,03,005/- Penalty Under CGST Act
AI Summary
VIP Industries Ltd. has disclosed an order passed by the Assistant Commissioner, CGST and Central Excise, Nashik-I Division, Maharashtra, imposing a penalty of Rs. 41,03,005/- under Section 122 of the CGST Act, 2017. The order was received on March 31, 2026, for demand on account of passing of ITC in contravention to the provisions of the CGST act or rules made thereunder. The company stated that there is no material impact on its financials, operations, or other activities, except for the aforesaid GST liability. The company plans to appeal the order before Appellate Authorities within the given timeline.
Key Highlights
- VIP Industries faces a penalty of Rs. 41,03,005/- under the CGST Act, 2017
- The penalty is imposed by the Assistant Commissioner, CGST and Central Excise, Nashik-I Division, Maharashtra
- The order was received on March 31, 2026
- The penalty is due to a demand on account of passing of ITC in contravention to the provisions of the CGST act or rules made thereunder
- The company intends to appeal the order before Appellate Authorities