AYM Syntex Receives ₹58.35 Lakh GST Demand Order

AYM Syntex received an Order-In-Original from CGST & Central Excise, Daman, demanding ₹58.35 lakh for FY 2020-21.
The demand comprises ₹10.27 lakh interest on wrongly availed ITC and a penalty of ₹48.08 lakh.
The company states it does not foresee a material financial or operational impact from this order.
The company is evaluating further action, including filing an appeal against the order.