Manoj Vaibhav Gems ordered to pay ₹5.84 Cr tax, penalty
Manoj Vaibhav Gems N Jewellers Ltd has received an order from the Office of the Principal Commissioner of Central Tax, Visakhapatnam, imposing tax demands and penalties totaling ₹5,84,20,920. The order pertains to the alleged irregular availment and utilization of Input Tax Credit (ITC) on Initial Public Offer (IPO) expenses for the period December 2021 to March 2025. The company disputes the findings and intends to file an appeal. The order comprises a cumulative tax demand of ₹2,92,10,460 and an equivalent penalty of ₹2,92,10,460, along with applicable interest. The company states there is no impact on its operational activities.
Key Highlights
- Company faces ₹5.84 Cr tax demand and penalty.
- Dispute over Input Tax Credit on IPO expenses.
- Company plans to appeal the tax authority's order.
- No operational impact expected from the order.
Price Impact
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