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NEW DELHI: Asian Paints on Monday knowledgeable that it has obtained a GST demand notice of Rs 13.83 crore and a penalty of Rs 1.38 crore from the Deputy Commissioner of State Tax, Chennai.
The demand is for the monetary 12 months 2017-18 over mismatch on enter tax credit score (ITC), the main paints maker stated in a regulatory submitting.
“The company has a strong case based on merits and will be filing rectification and/or appeal against the said order within the prescribed timelines,” it added.
Asian Paints additional stated it has discharged relevant taxes on the outward provides made by the corporate and has additionally fulfilled all of the circumstances prescribed for availing of the ITC.
The order was handed underneath related provisions of the Central Goods and Services Tax Act, 2017, and the corresponding provisions of the Tamil Nadu Goods and Services Tax Act, 2017.
The division has demanded “further tax on outward provides, disallowance on account of ITC mismatch between purchases reported by the provider in GST return and credit score claimed by the corporate, ITC of invoices pertaining to FY 2017-18 and claimed in FY 2018-19″.
According to the corporate, the penalty would have “no material impact on the financial, operation, or other activities” of Asian Paints, the submitting stated.
For the monetary 12 months ended March 31, 2023, Asian Paints income was at Rs 30,078.40 crore.
The demand is for the monetary 12 months 2017-18 over mismatch on enter tax credit score (ITC), the main paints maker stated in a regulatory submitting.
“The company has a strong case based on merits and will be filing rectification and/or appeal against the said order within the prescribed timelines,” it added.
Asian Paints additional stated it has discharged relevant taxes on the outward provides made by the corporate and has additionally fulfilled all of the circumstances prescribed for availing of the ITC.
The order was handed underneath related provisions of the Central Goods and Services Tax Act, 2017, and the corresponding provisions of the Tamil Nadu Goods and Services Tax Act, 2017.
The division has demanded “further tax on outward provides, disallowance on account of ITC mismatch between purchases reported by the provider in GST return and credit score claimed by the corporate, ITC of invoices pertaining to FY 2017-18 and claimed in FY 2018-19″.
According to the corporate, the penalty would have “no material impact on the financial, operation, or other activities” of Asian Paints, the submitting stated.
For the monetary 12 months ended March 31, 2023, Asian Paints income was at Rs 30,078.40 crore.
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