Finolex Cables Limited Receives Order Upholding Demand for GST Mismatch of ITC and Credit Notes
Finolex Cables Limited announced that it has received an order from the Additional Commissioner, Grade-II Appeal, Lucknow Sector -9, Uttar Pradesh. The order, dated May 21, 2026, relates to the scrutiny of the Goods and Services Tax (GST) Return for the Financial Year 2020-21.The investigation centered on a demand raised due to the mismatch of Input Tax Credit (ITC) and Credit Notes. Following the initial order, the company had filed an appeal; however, the Additional Commissioner has rejected that appeal and upheld the Original Order.
The financial impact of the ruling involves a tax demand totaling Rs. 12,28,985/-. Finolex Cables Limited noted that this tax demand is expected to not have a major impact on the company's operations.
The company indicated that it retains the option to file a further appeal before the Appellate Authority.
Specific details regarding the order and the financial implications are as follows:
| Particulars | Details |
|---|---|
| Authority Issuing Order | Additional Commissioner, Grade-II Appeal, Lucknow Sector -9, Uttar Pradesh |
| Date of Direction/Order | May 21, 2026 |
| Nature of Alleged Violation | Mismatch of ITC and Credit Notes during scrutiny of GST Return for FY 2020-21 |
| Financial Demand Details | Tax Demand of Rs. 12,28,985/-, comprising: Tax: Rs. 6,79,561/-; Interest: Rs. 4,81,468/-; Penalty: Rs. 67,956/- |
FINCABLES Stock Price Movement
Finolex Cables Limited shares today slipped by 0.79% to settle at ₹1031.2, closing significantly lower from its previous close of ₹1043.1. The stock saw substantial trading activity in post-market hours, registering a total volume of 266,896 shares.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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