AYM Syntex Limited Receives Order from CGST Authorities Regarding ITC and Penalty
AYM Syntex Limited has announced the receipt of a formal communication from a regulatory authority concerning the recovery of input tax credit (ITC) and associated penalties. The order was received by the company on April 21, 2026, from the Assistant Commissioner, CGST & Central Excise, Division-VIII, Daman Commissionerate.The communication, identified as Order-In-Original No.: DMN/EXCUS/PKP-AC/VII1/01/2026-27, covers the financial year 2020-21. The demand centers on the input tax credit claimed by the company under the provisions of the GST law.
Financial Demands and Implications
The order dictates a demand to recover interest at an applicable rate on wrongly availed and utilized ITC, alongside a substantial penalty.| Component | Amount Demanded | Period |
|---|---|---|
| Recovery on Wrongly Availed/Utilized ITC | Rs. 10,27,225/- | F.Y. 2020-21 |
| Penalty Imposed | Rs. 48,07,770/- | N/A |
The company stated that the penalty imposed is Rs.48,07,770/-, in addition to the interest recovery on the wrongly utilized ITC of Rs.10,27,225/-.
Company's Stance and Future Action
Regarding the matter, AYM Syntex Limited affirmed that it does not foresee any material impact on its financial, operational, or other activities. The company has confirmed that it is in the process of evaluating a further course of action, which includes filing an appeal against the order.AYMSYNTEX Stock Price Movement
Today, shares of AYM Syntex Limited rallied strongly, closing at ₹227.07, representing a solid 12.84% gain. The stock traded on robust interest today, managing a volume of 368,348 shares during the session.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.
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