Thirumalai Chemicals Receives ₹1731.47 Lakhs Tax Show Cause Notice
Thirumalai Chemicals Ltd has received a show cause notice from the Deputy Commissioner, Commercial Tax Department, Ranipet, Tamil Nadu, for tax and other dues amounting to ₹1731.47 lakhs (₹1123.30 lakhs tax, ₹495.24 lakhs interest, ₹112.93 lakhs penalty) for the financial year 2023-24. The notice, issued under Section 73 of the CGST Act, 2017, alleges discrepancies in output turnover, input tax, and ITC reversals identified during scrutiny under Section 61 of the TNGST Act, 2017. The company plans to submit its response within the prescribed timelines and believes the financial implications, if any, will be insignificant and will not materially impact its financial position.
Key Highlights
- Received show cause notice for ₹1731.47 lakhs in tax and other dues.
- Allegations relate to FY24 output turnover and input tax discrepancies.
- Company disputes the demands and expects minimal financial impact.
- Response to be submitted within stipulated timelines.
Price Impact
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