Greenlam Industries Receives ₹7.71 Cr Tax Show Cause Notice

Greenlam Industries Ltd has received a Show Cause Notice from the State Tax Officer, Tindivanam, for alleged excess availment of Input Tax Credit (ITC) and ineligible ITC for FY 2023-24. The notice, issued under Section 73 of the CGST/TNGST Act 2017, pertains to an amount of ₹7.71 Crore plus applicable interest and penalty. The company has submitted its reply within the stipulated timeline and expressed optimism for a favorable outcome, anticipating no material impact on its financials or operations. The delay in disclosure was attributed to an inadvertent oversight in internal communication, which has now been rectified.