Tax & Penalty21 Sept 2026, 01:36 pm
Indag Rubber Receives ₹24.99 Lakh Tax Show Cause Notice
AI Summary
Indag Rubber Ltd has received a Show Cause Notice (SCN) from the Assistant Commissioner of Commercial Taxes, Bengaluru, Karnataka, under Section 73 of the KGST/CGST Act, 2017. The notice pertains to the financial year 2022-23 and concerns tax not paid or short paid, or input tax credit wrongly availed. The total differential tax liability, including interest and penalty, amounts to ₹24,99,618 (SGST: ₹40,254, CGST: ₹40,254, IGST: ₹24,19,110). The company states there is no impact on its financials, operations, or other activities and will file an appropriate response within the prescribed timelines. The disclosure was delayed due to an inadvertent oversight.
Key Highlights
- Indag Rubber received a tax SCN for FY23 from Bengaluru Commercial Taxes.
- Total potential liability including interest and penalty is ₹24,99,618.
- The notice relates to tax short paid or ITC wrongly availed, excluding fraud.
- Company expects no material financial or operational impact.
- Indag Rubber will file a response within the stipulated time.
Price Impact
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