Tax & Penalty26 Oct 2026, 07:00 pm
Shahlon Silk fined ₹5.5 Cr by GST Dept for ITC misuse
AI Summary
Shahlon Silk Industries Ltd has received an Order-in-Original from the Additional Commissioner, Central GST and Central Excise, Surat Commissionerate, imposing a penalty of ₹5,50,44,402/-. The penalty is related to the alleged passing on of ineligible Input Tax Credit (ITC) during the period from April 2023 to March 2025. The company is currently examining the order and intends to file an appeal against it.
Key Highlights
- GST Department imposed a penalty of ₹5.5 Cr on Shahlon Silk.
- Penalty is for alleged misuse of Input Tax Credit (ITC).
- Violation period: April 2023 to March 2025.
- Company plans to appeal the order.
Price Impact
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