India Glycols Limited Receives Tax Order from Gujarat Authority
India Glycols Limited has reported details regarding an order passed by the Deputy Commissioner of State Tax, Appeal-4, (Mehsana) Gujarat, pertaining to a tax appeal filed by the company. The order, dated April 15, 2026, addresses a previous penalty levied by the State Tax Officer (Mobile Squad, Amirgadh) via an Impugned Order dated November 25, 2024.The Appellate Authority’s order on April 15, 2026, significantly modified the previous assessment. The Authority set aside the entire penalty amount of Rs. 7,20,570 (IGST). However, the Deputy Commissioner of State Tax, Appeal-4, imposed a new penalty of Rs. 10,000 (IGST). This penalty was attributed to a clerical mistake, specifically the failure to disclose the tax amount in the E-way bill.
The financial impact of this action is limited to the newly imposed penalty amount. India Glycols Limited stated that while the company believes the Rs. 10,000 penalty imposed for a clerical error is invalid, it has opted not to file an appeal. This decision was based on the consideration of the penalty amount relative to the potential cost of litigation.
The key details of the action taken by the tax authority are summarized below:
| Authority | Action/Order Details | Date of Order | Financial Impact |
|---|---|---|---|
| Deputy Commissioner of State Tax, Appeal-4, (Mehsana) Gujarat | Set aside entire penalty of Rs. 7,20,570 (IGST) but imposed Rs. 10,000 (IGST) penalty due to clerical mistake (not disclosing tax amount in E-way bill). | April 15, 2026 | Rs. 10,000 (IGST) |
The Company noted that the order received on April 15, 2026, confirmed that the Adjudicating Authority imposed the Rs. 10,000 penalty for the procedural violation concerning the E-way bill. Despite the Company's belief that the penalty is unwarranted, it has decided that pursuing an appeal is not commercially viable due to the minimal quantum of the penalty.
INDIAGLYCO Stock Price Movement
Today, India Glycols Limited shares closed up 1.34%, settling at ₹935.85, reversing from previous levels. The stock found support today, trading on a volume of 68,498 shares.Source:
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