Craftsman Automation Receives ₹68.72 Lakh GST Demand

Key Quantitative Figures

The Office of the Assistant Commissioner of Goods & Service Tax and Central Excise, Division-III, Jamshedpur has passed an order with:

• Tax demand: ₹68,72,106/- (for Financial Years 2021-22 & 2022-23)
• Additional liability: Applicable interest on the tax amount
• Penalty: Equivalent to the tax amount (₹68,72,106/-)
• Total potential financial exposure: ₹1,37,44,212/- plus applicable interest

Parties Involved

• Issuing Authority: The Assistant Commissioner of Goods & Service Tax and Central Excise, Division-III, Jamshedpur

Nature of Violation

The order pertains to "purported excess availment of Input Tax Credit (ITC)" for the Financial Years 2021-22 & 2022-23.

Company's Response and Impact Assessment

The company is currently evaluating the implications of the order and will take appropriate steps, including filing an appeal. The company specifically states: "we do not foresee any material impact on the financials, operations or other activities of the Company due to the above-mentioned order" and believes that "the said demand is not sustainable."

Scrip Details

• Stock Code: CRAFTSMAN