Camlin Fine Sciences received GST demand order totaling ₹47.08 crore (₹23.54 crore tax + equal penalty) for FY2019-20 to FY2022-23 ITC claims.
Order cites ineligible Input Tax Credit of ₹23.54 crore under CGST/IGST/MGST Acts with additional interest and penalties from Palghar Commissionerate.
Company states no material financial impact, plans to appeal against the order through appropriate legal channels.