VIP Industries Limited Faces Penalty from CGST and Central Excise Department
VIP Industries Limited announced that the Assistant Commissioner, CGST and Central Excise, Nashik-I Division, Maharashtra, has imposed a penalty of Rs. 41,03,005/- (CGST+SGST) under Section 122 of the CGST Act, 2017.The penalty, received on March 31, 2026, relates to a demand for passing of Input Tax Credit (ITC) in contravention of the CGST Act and related rules.
According to the company, the penalty is not expected to have a material impact on VIP Industries Limited's financial performance, operations, or other activities, aside from the aforementioned GST liability. The company intends to appeal the order through the appropriate appellate authorities.
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