Legal31 Mar 2026, 06:21 pm
Vishal Fabrics Ltd. Receives Rectification Order from Office of Commissioner Central GST & Central Excise, Ahmedabad — North
AI Summary
Vishal Fabrics Ltd. has received a Rectification Order under section 161 of CGST Act, 2017 from the Office of Commissioner Central GST & Central Excise, Ahmedabad — North. The order imposes a revised penalty of Rs. 21,35,65,819/- under provisions of section 74(9) of the CGST /Gujrat GST Act, 2017 and section 122(2)(b) of the CGST /Gujarat GST Act, 2017 read with section 20 of the IGST Act, 2017. The rectification order has been passed in relation to excess/incorrect Input Tax Credit claimed by the Company for the respective period and for recovery of the Interest and penalty.
Key Highlights
- Vishal Fabrics Ltd. has received a Rectification Order from the Office of Commissioner Central GST & Central Excise, Ahmedabad — North.
- The order imposes a revised penalty of Rs. 21,35,65,819/- under provisions of section 74(9) of the CGST /Gujrat GST Act, 2017 and section 122(2)(b) of the CGST /Gujarat GST Act, 2017 read with section 20 of the IGST Act, 2017.
- The rectification order has been passed in relation to excess/incorrect Input Tax Credit claimed by the Company for the respective period.
- The Company believes that there will be no material financial impact due to this rectification order.