Deepak Nitrite Faces Order Regarding Input Tax Credit
Deepak Nitrite Limited announced on March 25, 2026, that the Assistant Commissioner of State Tax, Unit-40, Vadodara, Gujarat, has passed an order related to the company.The order, received on March 25, 2026, concerns a demand for ineligible Input Tax Credit (ITC) for the Financial Year 2019-20 under the Gujarat Goods and Service Tax Act, 2017.
The details of the order are as follows:
| Detail | Information |
|---|---|
| Authority | Assistant Commissioner of State Tax, Unit-40 Vadodara, Gujarat |
| Order Details | Recovery of: Tax amount of ₹ 19,14,506/- (CGST+SGST); Interest amount of ₹ 22,17,784/- (CGST+SGST); Penalty of ₹ 19,14,506/- (CGST+SGST) |
| Date of Order | March 25, 2026 |
| Reason for Order | Demand for ineligible Input Tax Credit (ITC) for the Financial Year 2019-20 |
| Financial Impact | There will be no material financial impact except for the amounts detailed in the order. |
Deepak Nitrite believes the ITC was availed after complying with applicable laws and intends to pursue legal action to challenge the order.
Source:
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.