Vedant Fashions Limited Appeal Rejected by Kolkata Authority; Demand Confirms Recovery of ₹1.01 Crore
Vedant Fashions Limited has reported that its appeal against a previous Order-in-Original (OIO) dated February 02, 2025, was rejected. The Order-in-Appeal was passed by the Office of the Additional Commissioner (Appeal), Kolkata Appeal-I, CGST & CX, Kolkata, on May 13, 2026, confirming the tax demands originally raised.The appeal rejection mandates the recovery of Input Tax Credit (ITC) and associated penalties, primarily relating to the fiscal years 2017-18 to 2019-20.
The order, which was received via email on May 13, 2026, confirms the original demand made under the CGST Act 2017. The financial demands confirmed by the Kolkata authority are detailed as follows:
| Particulars | Description | Amount (₹) |
|---|---|---|
| Proportionate ITC Recovery | For exempted, nil-rated, or non-GST supplies (FY 2017-18 to FY 2019-20) | 1,01,20,387 |
| Breakdown of ITC Recovery | IGST | 73,48,041 |
| CGST | 13,86,173 | |
| SGST | 13,86,173 | |
| Penalty | Under applicable GST laws | 1,01,20,387 |
| Other Demand | Recovery of interest on the ITC amount | Applicable |
The order confirms the recovery of ₹1,01,20,387 attributable to proportionate ITC, alongside the recovery of applicable interest and a penalty of ₹1,01,20,387.
The company noted that, apart from the amounts mentioned in the tax order, there is no other impact on its financial or operational activities. Vedant Fashions Limited stated that it is currently evaluating the Order-in-Appeal and will take necessary steps, including seeking appropriate relief, within the prescribed timelines.
MANYAVAR Stock Price Movement
Vedant Fashions Limited shares slipped by 4.13% on Wednesday, closing at ₹442.35. The stock saw a total volume of 173,729 shares traded during the session.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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