Key Quantitative Figures
The Company has received an order demanding:
- Reversal/recovery of Input Tax Credit (ITC): INR 2,15,03,832
- Applicable interest on the above amount
- Penalty: INR 21,05,192
Parties Involved
- Issuing Authority: Office of the Commissioner of GST & Central Excise, Chennai (The Joint Commissioner)
- Recipient: SONA BLW Precision Forgings Limited
- Company representative: Pankaj Gupta, Senior Vice President (Legal), Company Secretary and Compliance Officer
Details of Alleged Violation
The order alleges non-reversal of Input Tax Credit claimed in respect of excess GST charged by certain suppliers during the period from April 2022 to March 2024.
Financial Impact Assessment
The Company is evaluating the Order and proposes to avail appropriate legal remedies, including filing of an appeal. Based on its preliminary assessment, no material adverse financial, operational or other impact is expected.
Additional Information
The required details of the order as required under the applicable SEBI master circular are provided in Annexure-A to the disclosure.