Aries Agro Faces ₹3.96 Cr GST Demand; Plans Appeal

Aries Agro Ltd has received an order from the GST Appellate Authority confirming a demand of ₹3,96,45,090, including interest and penalty. This demand pertains to the availment of Input Tax Credit (ITC) for the Financial Year 2018-2019, where the GST registrations of certain vendors were retrospectively cancelled. The company intends to appeal this order before the Goods and Services Tax Appellate Tribunal (GSTAT). The financial implications are significant, with the full amount of the demand being the expected financial implication.