Omnipotent Industries Ltd. Faces Tax Credit Dispute with CGST Department
Omnipotent Industries Limited announced on March 18, 2026, that it is involved in a dispute with the Office of the Commissioner of CGST & Central Excise in Thane. The dispute concerns the availment and utilization of irregular input tax credit by the company.The company faces potential financial implications related to the dispute, which include:ItemAmount (INR)Demand and recovery of Input tax credit10,22,57,746Demand and Recovery of InterestAs per applicable provisionsPenalty on the Company10,22,57,746Penalty on Mr. Prince Pratap Shah10,22,57,746Penalty on Mr. Prince Pratap Shah25,000The order regarding the dispute was received on March 17...