Asian Tea & Exports Ltd Receives Closure of Investigation Report from West Bengal Authorities
Asian Tea & Exports Limited has received a report from the Deputy Commissioner of State Tax, Bureau of Investigation (South Bengal), H.Q., Government of West Bengal, confirming the closure of the investigation process following an inspection initiated under the West Bengal Goods and Service Tax Act, 2017.The inspection was originally initiated on November 21, 2025, at the registered office and place of business of the company under section 67(1) of the West Bengal Goods and Service Tax Act, 2017, read with rule 139(1) of the West Bengal Goods and Service Tax Rules, 2017. The company received the formal closure report on July 17, 2026, corresponding to DIN No WBGST/1050/300626/0052Nq dated June 30, 2026.
Investigation Details and Reconciliation
The inspection focused on the company's failure to provide details regarding exempt supplies for the financial years 2022-23, 2023-24, 2024-25, and 2025-26 (up to October 2025). During a personal hearing, authorized representatives submitted documentation clarifying the nature of the supplies.The representation clarified that while the company supplied tea (HSN 0902) taxed at 5%, it also supplied pulses, which are exempt from tax. The company maintained that products were sold as ex-factory sales, with purchasers responsible for the movement of goods. To support these claims, the representatives provided copies of Bills of Supply, weighing slips, and purchase documents.
The investigation verified the following figures for exempted supplies:
| Financial Period | Exempted Supply Amount |
|---|---|
| 2022-23 | 26,47,89,677/- |
| 2023-24 | 32,56,04,370/- |
| 2024-25 (Apr'25 - Oct'25) | 49,32,86,811 / 23,43,03,381 |
The authorities verified that the company issued 100 Bills of Supply in FY 2022-23, 79 Bills of Supply in FY 2023-24, and 183 Bills of Supply in FY 2024-25. The inspection team confirmed that the quantities purchased and sold were in bulk volumes and that the figures reflected in the returns matched the Annual Financial Statements.
Conclusion of Proceedings
The authorities have reconciled the issue of exempted supplies based on the documentation provided during the hearing. As the specific points raised in the inspection report were successfully reconciled, the investigation process has been closed with no tax liability determined on this part.The company stated that there is no material impact on its financial, operational, or other activities resulting from the issuance of this closure report.
Stock Price Movement
Asian Tea & Exports Ltd-$ shares settled at ₹9.07, up 1.57% on Friday's close. The stock experienced a wide swing today, fluctuating between an intraday low of ₹8.78 and a high of ₹9.80.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.
Any views, opinions, or statements expressed, where applicable, are those of the respective analysts or experts and do not reflect the views of this website. The website has no association with such viewpoints and does not assume any responsibility for them.