Thirumalai Chemicals Limited receives show cause notice regarding tax discrepancies for FY 2022-23
Thirumalai Chemicals Limited has received a show cause notice from the Deputy Commissioner of the Commercial Tax Department, Ranipet, Tamil Nadu. The notice concerns alleged output turnover and input tax discrepancies related to the company's operations during the financial year 2022-23.The dispute centers on tax and other dues amounting to Rs. 2292.66 lakhs.
Details regarding the demand breakdown for the period are as follows:
| Tax Type | Amount (Lakhs) |
|---|---|
| Tax | 1356.36 |
| Interest | 800.66 |
| Penalty | 135.64 |
| Total Demand | 2292.66 |
The alleged violations noted under the notice include output turnover discrepancies and input tax discrepancies as per Section 73 of the CGST Act, 2017.
Regarding the matter, Thirumalai Chemicals Limited stated that it will submit its response to the show cause notice within the prescribed timelines. The company affirmed that it firmly believes the financial implication arising from this matter is likely to be insignificant and will not materially affect the financial position of the corporation.
TIRUMALCHM Stock Price Movement
Shares of Thirumalai Chemicals Limited are edging higher to ₹171.21 as of 12:07 PM today, posting a robust gain of 1.39%. The stock continues seeing significant market activity, trading on a volume of 86,285 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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