Indo Euro Indchem to defend ₹62.7 Lakh GST penalty
Indo Euro Indchem Ltd clarified the delay in reporting a GST demand order, stating it was due to internal review by management and the GST team to assess the substance and amount involved. The company received an order from the Assistant Commissioner of Central GST & Central Excise on March 13, 2026. The order alleges fraudulent availment of Input Tax Credit (ITC) amounting to ₹10,69,040 and demands a penalty of ₹62,70,852 under Section 122 of the CGST Act, 2017. Based on tax consultant advice, the company has decided to defend the matter before the appropriate appellate authority and will file a response within prescribed timelines. The financial impact is a contingent liability, with no impact on operations or other activities.
Key Highlights
- Indo Euro Indchem faces a ₹62.7 Lakh GST penalty for alleged ITC fraud.
- The company plans to legally defend the GST demand order and penalty.
- The penalty represents a contingent liability for the company.
- There is no reported impact on the company's operations or activities.
Price Impact
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