Axel Polymers Receives GST Order: ₹31.57 Cr ITC Demand, ₹55.06 Cr Penalty

Axel Polymers Ltd has received an Order-in-Original from the Central GST & Central Excise, Vadodara-II, confirming an Input Tax Credit (ITC) demand of Rs. 31.57 Crore and penalties of Rs. 55.06 Crore. The order pertains to allegations of availing ITC without physical receipt of goods and passing it on without actual supply during FY 2021-22 to 2024-25. The company disagrees with the findings and plans to challenge the order before the appropriate appellate authority and the Hon'ble High Court, Gujarat. Axel Polymers does not anticipate any immediate impact on its routine business operations, but the financial impact will depend on the outcome of the legal proceedings.