JSW Dulux Confronts Tax Scrutiny Over Input Tax Credit Disallowance in GST Case
JSW Dulux Limited (formerly Akzo Nobel India Limited) is facing a tax dispute related to the disallowance of Input Tax Credit (ITC) as part of a GST scrutiny initiated by the Delhi GST Department.The Company received a Show Cause Notice under Section 74 of the CGST Act/Rules, 2017 from the Superintendent, Delhi West, detailing the scrutiny regarding ITC for the period spanning April 2020 to March 2024.
Financial Implication and Scope of Dispute
The GST Department alleges a total liability amounting to Rs. 52,68,358/- in relation to the disallowance of Input Tax Credit. This amount comprises three components:- Tax: Rs. 52,22,104/-
- Interest: Rs. 46,254/-
- Penalty: As applicable
The total liability specified in the notice is Rs. 52,68,358/-, covering the tax amount, interest, and the associated penalty as per the statutory notice.
Management Response and Outlook
Regarding the ongoing litigation, the management has stated that the received notice is open for further submissions before the relevant authorities. JSW Dulux Limited confirmed it is in the process of responding to the Department within the stipulated timeframe mentioned in the Show Cause Notice.JSWDULUX Stock Price Movement
On Wednesday, JSW Dulux Limited shares closed higher, gaining 1.19% to settle at ₹3022.1. The stock traded 16,282 shares during the session, which saw it range from a low of ₹2990 to a high of ₹3097.1.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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