Deals28 May 2024, 09:14 pm
Akzo Nobel India Limited Receives Show Cause Notice from Karnataka GST Department for INR 54.66 Crore
AI Summary
Akzo Nobel India Limited has received a Show Cause Notice from the Karnataka GST Department under section 73 of the CGST ACT/Rules, 2017. The Notice mentions a disallowance of Input Tax Credit (ITC) for the period from April 2019 to March 2020, amounting to INR 54,66,19,479, comprising Tax: INR 29,62,46,400; Interest: INR 22,07,48,439/-; and Penalty: INR 2,96,24,640/-. The Company is currently in the process of responding within the stipulated time.
Key Highlights
- Akzo Nobel India Limited received a Show Cause Notice from the Karnataka GST Department.
- The Notice mentions a disallowance of ITC for the period from April 2019 to March 2020, amounting to INR 54,66,19,479.
- The amount includes Tax: INR 29,62,46,400; Interest: INR 22,07,48,439/-; and Penalty: INR 2,96,24,640/-.
- The Company is in the process of responding within the stipulated time.
- The Notice is under section 73 of the CGST ACT/Rules, 2017, received from Deputy Commissioner, DGSTO — 5, Bengaluru, Karnataka GST Department.