Gillanders Arbuthnot and Company Limited has received an Order from the Joint Commissioner, State Tax, Goods and Services Tax Department, West Bengal on March 3, 2025, raising demand for GST along with interest and levy of penalty.
The order issued under Section 73(9) of CGST Act, 2017 and WBGST Act, 2017 read with Section 20 of IGST Act, 2017 issued a tax demand of ₹ 3,06,64,822/-, Interest of ₹ 1,18,87,218/- & Penalty of ₹ 30,66,481/-.
The period of assessment relates to 2019-2020 for wong availment & short reversal of ITC, Short payment of tax liability. The Company is likely to challenge the appeal before an appropriate authority. “The Company is preparing to appeal against the said order to the Commissioner (Appeals),” said the company in their regulatory filing.
The disclosure was made before Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
