Deepak Nitrite Receives Order Regarding Goods and Services Tax Assessment
Deepak Nitrite Limited announced on March 25, 2026, that the Assistant Commissioner of State Tax in Vadodara, Gujarat, issued an order dated March 7, 2026, under the Gujarat Goods and Service Tax Act, 2017.The order pertains to a demand for ineligible Input Tax Credit (ITC) for the financial year 2019-20. The order mandates the recovery of ₹19,14,506 in tax (CGST+SGST), ₹22,17,784 in interest (CGST+SGST), and a penalty of ₹19,14,506 (CGST+SGST). The company maintains that the ITC was availed in compliance with applicable laws.
According to the company, the total financial impact will be limited to the amounts specified in the order, and there will be no other material financial impact. Deepak Nitrite intends to pursue legal action to challenge the order.
Below is a summary of the details from the order:
| Sr. No. | Details of events | Information |
|---|---|---|
| 1 | Name of Authority | Assistant Commissioner of State Tax, Unit-40 Vadodara, Gujarat |
| 2 | Nature and details of the action(s) taken initiated or order(s) passed | 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) |
| 3 | Date of receipt of direction or order | March 25, 2026 |
| 4 | Details of the violation(s)/ contravention(s) committed or alleged to be committed | Demand for ineligible Input tax credit (ITC) for the Financial Year 2019-20. |
| 5 | Impact on financial, operation or other activities of the listed entity | There will be no material financial impact except to the extent mentioned in point no. 2 above. |
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.