Details of the Order
Authority: Additional Commissioner, Central GST & Central Excise, Vadodara-II Commissionerate
Order Number: 29/VDR-II/ADC-RM/ADJ/Axel Polymers/GST/2026-27
Order Date: 05 November 2026
Date of Receipt: 05 November 2026 (after office hours)
Reference Show Cause Notice: V/CGST/AXEL/Prev/Gr-V/JC/245/2025-26 dated 19 January 2026
Financial Impact of the Order
The adjudicating authority has confirmed:
- Input Tax Credit (ITC) demand: ₹31.57 Crore
- Penalties: ₹55.06 Crore
- Total Financial Demand: ₹86.63 Crore
Alleged Violations
The order pertains to allegations relating to:
- Availment of input tax credit without physical receipt of inward supplies of goods
- Passing on of such input tax credit without actual supply of goods
Period: Financial years 2021-22 to 2024-25
Company's Response and Intended Actions
The Company does not agree with the findings and conclusions recorded in the order. The Company is examining the order and the legal and factual grounds available to it and intends to:
1. Challenge the order before the appropriate appellate authority under Section 107 of the CGST Act, 2017 within the prescribed time limit
2. Approach the Hon'ble High Court of Gujarat through a Writ Petition
The Company believes it has appropriate legal grounds to contest the findings and demands confirmed in the order and shall take all necessary steps to protect its interests.
Operational and Financial Impact Assessment
The Company states:
- No immediate impact on routine business operations is anticipated at this stage
- Financial impact shall be subject to the outcome of the legal proceedings
Future Disclosures
The Company shall keep the Stock Exchange informed of any material developments in the matter as required under applicable SEBI LODR Regulations.
#Tags: #AxelPolymers #GSTOrder #SEBIDisclosure #RegulatoryCompliance #TaxDispute #Negative