Saraswati Saree Depot fined ₹32.09 Lakhs by CGST

Saraswati Saree Depot Ltd has received an order from the Joint Commissioner, CGST Kolhapur Commissionerate, imposing a penalty of ₹32,09,097 (₹32.09 Lakhs). The penalty comprises ₹1,85,391 under Section 73(9) and ₹30,23,706 under Section 74A(5)(i) of the CGST Act, 2017. This action follows a Show Cause Notice issued by the DGGI, Pune Zonal Unit, alleging inadmissible Input Tax Credit on IPO-related expenses. The company has contested the allegations and plans to appeal the order, stating it does not expect any adverse financial or operational impact due to sufficient input credit available.