Omnipotent Industries Ltd. Faces Tax Credit Dispute with CGST Department
Omnipotent Industries Limited announced on March 18, 2026, that it is involved in a dispute with the Office of the Commissioner of CGST & Central Excise in Thane. The dispute concerns the availment and utilization of irregular input tax credit by the company.The company faces potential financial implications related to the dispute, which include:
| Item | Amount (INR) |
|---|---|
| Demand and recovery of Input tax credit | 10,22,57,746 |
| Demand and Recovery of Interest | As per applicable provisions |
| Penalty on the Company | 10,22,57,746 |
| Penalty on Mr. Prince Pratap Shah | 10,22,57,746 |
| Penalty on Mr. Prince Pratap Shah | 25,000 |
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