Legal31 March 2026 at 02:51 pm
GNG Electronics Faces GST Demand and Penalty of Rs. 68 Million
AI Summary
GNG Electronics Ltd. has received an Order-in-Original from the Office of the Principal Commissioner of CGST & Central Excise, Mumbai East, imposing a GST demand of Rs. 34,097,749 and penalty of Rs. 34,235,213 on the Company along with applicable interest. The order is in regard to the availment and utilization of Input Tax Credit (ITC) by the Company from April 1, 2019, to March 31, 2024. The Company has identified this as an aberration or non-compliance and is preferring an appeal. GNG Electronics does not expect this order to have any material financial impact on the Company.
Key Highlights
- GNG Electronics received an Order-in-Original from the Office of the Principal Commissioner of CGST & Central Excise, Mumbai East
- The order imposes a GST demand of Rs. 34,097,749 and penalty of Rs. 34,235,213 on the Company
- The order is regarding the availment and utilization of Input Tax Credit (ITC) from April 1, 2019, to March 31, 2024
- The Company is preferring an appeal and does not expect any material financial impact from the order