Indo Euro Indchem receives ₹73.4 Lakh GST demand order

Indo Euro Indchem Ltd has received a GST Demand Order from the Assistant Commissioner of Central GST & Central Excise, Mumbai, dated March 13, 2026. The order alleges that the company fraudulently availed Input Tax Credit (ITC) amounting to ₹10,69,040, supported by fake/bogus e-way bills, violating Section 74(1) of the CGST Act, 2017. Additionally, a penalty of ₹62,70,852 has been demanded under Section 122 of the CGST Act, 2017, for suppression of facts and availment of inadmissible ITC through fake invoices. The company, based on advice from tax consultants, has decided to defend the matter before appropriate appellate authorities and will file a response within prescribed timelines. The financial impact is a contingent liability, with no impact on operations or other activities.