Vishal Fabrics Ltd. Receives Rectification Order Regarding Input Tax Credit
Vishal Fabrics Ltd. announced that it received a Rectification Order from the Office of Commissioner Central GST & Central Excise, Ahmedabad - North, on March 31, 2026. The order revises a previously imposed penalty related to excess/incorrect Input Tax Credit claimed by the company.Previously, on December 31, 2025, the company received an order imposing a penalty of Rs. 24,26,74,876. The Rectification Order reduces the penalty to Rs. 21,35,65,819 under provisions of the CGST/Gujarat GST Act, 2017, the IGST Act, 2017, and the GST (Compensation to states) Act, 2017.
The company believes that the revision will have no material financial impact.
Table: Details of the Rectification Order
| Sr. No. | Detail | Information |
|---|---|---|
| 1. | Name of the authority | Commissioner of Central GST & Central Excise, Ahmedabad - North |
| 2. | Nature of the action | Revised penalty for excess/incorrect Input Tax Credit claimed |
| 3. | Date of receipt | March 31, 2026 |
| 4. | Details of the violation | Excess/Incorrect Input Tax Credit claimed under the applicable provisions of GST Act |
| 5. | Impact on activities | The company believes that no material financial impact will result. |
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