Legal16 Aug 2024, 11:22 pm
DOMS Industries Ltd Subsidiary Receives Order to Drop Proceedings for ITC Mismatch
AI Summary
DOMS Industries Ltd announced that its subsidiary, Micro Wood Private Limited, received a Show Cause Notice on May 30, 2024 from the Office of the State Tax Officer, State Tax Department, Vapi, regarding a mismatch in Input Tax Credit (ITC). However, the Company has recently received an order dated August 14, 2024 for dropping the proceedings under section 73/74 from the Office of the State Tax Officer, State Tax Department, Vapi. This order concludes the Show Cause Notice and drops the demand of INR 19,82,368/- for the Financial Year 2019-20 along with interest and penalty.
Key Highlights
- DOMS Industries Ltd subsidiary, Micro Wood Private Limited, received a Show Cause Notice for mismatch in ITC
- The State Tax Department, Vapi issued an order on August 14, 2024 to drop the proceedings under section 73/74 of CGST Act, 2017
- The order drops the demand of INR 19,82,368/- for the Financial Year 2019-20 along with interest and penalty
- No action is required from the listed entity in this matter
- The Company received the order on August 14, 2024 and submitted the intimation on August 16, 2024