Tax & Penalty15 Apr 2026, 09:41 pm
India Glycols' Tax Penalty Reduced to ₹10,000 on Appeal
AI Summary
India Glycols Ltd. announced that an appeal against a State Tax Officer's order dated November 25, 2024, resulted in a significant reduction of the penalty. The Deputy Commissioner of State Tax, Appeal-4, Mehsana, Gujarat, on April 15, 2026, set aside the original penalty of ₹7,20,570 (IGST). However, a new penalty of ₹10,000 (IGST) was imposed for a clerical error related to not disclosing the tax amount in an E-way bill. The company considers the ₹10,000 penalty invalid but has decided not to pursue further appeal due to the low amount relative to litigation costs. The financial impact is limited to ₹10,000.
Key Highlights
- Original tax penalty of ₹7,20,570 (IGST) was set aside on appeal.
- Appellate Authority imposed a new penalty of ₹10,000 (IGST).
- New penalty is for a clerical mistake in not disclosing tax in E-way bill.
- Company will not appeal the ₹10,000 penalty due to litigation costs.
- The financial impact of the final penalty is ₹10,000.
Price Impact
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