Quick Summary
Asian Paints, a leading paints manufacturer, revealed on Monday that it has received a Goods and Services Tax (GST) demand notice of Rs 13.83 crore along with a penalty of Rs 1.38 crore from the Deputy Commissioner of State Tax, Chennai. The demand pertains to the financial year 2017-18 and centers around a mismatch on Input Tax Credit (ITC), as disclosed in a regulatory filing. In response to the notice, Asian Paints stated, The company has a strong case based on merits and will be filing
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FAQ :
Asian Paints has received a GST demand notice of ₹13.83 crore and a penalty of ₹1.38 crore, making a total of ₹15.21 crore.
The notice was issued by the Deputy Commissioner of State Tax, Chennai.
The demand is due to a mismatch in Input Tax Credit (ITC) concerning outward supplies, disallowance of ITC on invoices pertaining to FY 2017-18 claimed in FY 2018-19, and a mismatch between supplier reported ITC and company claimed credit.
Asian Paints stated that the company has a strong case based on merits and will be filing a rectification and/or appeal against the order within the prescribed timelines.
Asian Paints reassured stakeholders that the demand will have no material impact on the financial, operational, or other activities of the organisation.
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