Kansai Nerolac fined ₹66.7 Lakhs under GST Act

Kansai Nerolac Paints Ltd has received an order under Section 74 of the CGST Act, 2017, imposing a penalty of ₹66,70,686 (₹66.7 Lakhs). The demand arose from the partial disallowance of Input Tax Credit claimed by the company for FY 2020-21 to 2023-24 in the State of Chhattisgarh. The company believes the order is based on a wrong understanding of facts and is preparing to file an appeal. Kansai Nerolac states there is no material impact on its financials, operations, or other activities.