Legal31 March 2026 at 07:39 am
Reliance Industries Faces Rs. 15,38,402 Penalty for Alleged Incorrect Input Tax Credit Availment
AI Summary
Reliance Industries Ltd. has received an order dated March 30, 2026, from the Assistant Commissioner of State Tax, Junagadh, imposing a penalty of Rs. 15,38,402 under Section 74 of the Gujarat Goods and Services Tax, 2017, the Central Goods and Services Tax Act, 2017, and the Integrated Goods and Services Act, 2017. The order alleges incorrect availment of input tax credit by the Company. The Company plans to file an appeal against the order, with the financial impact limited to the penalty levied. The order does not affect the Company's operations or other activities.
Key Highlights
- Reliance Industries Ltd. received an order dated March 30, 2026, imposing a penalty of Rs. 15,38,402
- The penalty is imposed under Section 74 of the Gujarat Goods and Services Tax, 2017, the Central Goods and Services Tax Act, 2017, and the Integrated Goods and Services Act, 2017
- The order alleges incorrect availment of input tax credit by the Company
- The Company intends to file an appeal against the order
- The financial impact is limited to the penalty levied, with no impact on operations or other activities