Asian Paints received three GST demand notices totaling Rs 2.07 crore, including interest and penalties, for allegedly ineligible ITC. The company claims to have rightfully availed ITC and will appeal the orders.
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New Delhi, Jan 2 (PTI) Asian Paints on Tuesday said it has received three orders for GST demand, totalling Rs 2.07 crore.
The total amount includes interest and penalties.
The three orders related to the availing of "alleged ineligible Input Tax Credit (ITC)," were received on December 30, the leading paints maker said in a regulatory filing.
These include an order passed under the Central Goods and Services Tax Act and Andhra Pradesh Goods and Services Tax Act for FY18-FY20, raising a demand of Rs 1.01 crore, disallowing ITC pertaining to repair and maintenance, travelling, and promotional expenses, and a penalty of Rs 5.72 lakh.
Asian Paints had on Monday said it received a demand notice of Rs 13.83 crore and a penalty of Rs 1.38 crore from the Deputy Commissioner of State Tax, Chennai.
This was also regarding a mismatch on ITC for FY18.
The company said it has "rightly availed the ITC" for all three cases and also fulfilled all conditions prescribed under the Acts.
"Further, the company has a strong case based on merits in respect of all of the above orders and will be filing for rectification and/or appeals within the prescribed timelines," said Asian Paints, adding that the penalty would have "no material impact on the financial, operation, or other activities".
Asian Paints had posted a revenue of Rs 30,078.40 crore for 2022-23.
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