Asian Paints gets tax demand of ₹13.83 crore, penalty of ₹1.38 cr from Tamil Nadu GST authority
₹13.83 crore tax demand, with a ₹1.38 crore penalty from the Deputy Commissioner of State Tax, Chennai, Tamil Nadu. "An order passed under relevant provisions of the Central Goods and Services Tax Act, 2017 and the corresponding provisions... demanding additional tax on outward supplies, disallowance on account of account of Input Tax Credit (ITC) mismatch between the purchases reported by the supplier in GT return and credit claimed by the company....," Asian Paints said.
Paint cos set to beat competition blues with capex, branding The Mumbai-headquartered company added, "the total tax demand amounts to ₹13.83 crore and a penalty of ₹1.38 crore". The manufacturing company told stock exchanges today that it has discharged applicable taxes on the outward supplies and has also fulfilled all the conditions. Asian Paint share price Today Live Updates : Asian Paints Stock Falls on Market Volatility "The company has a strong case based on merits and will be filing rectification or appeal against the said order within the prescribed times," Asian Paints added in a BSE filing today.
The paint company said it apprised about the order to the National Stock Exchange on 30th December 2023 but due to some technical glitch, the intimation was not submitted with the BSE. The stock of Asian Paints was down 0.16% at ₹3,395.45 at 12:30 pm. RIL, HDFC Bank, Infosys, and 5 other large caps are 7-25% below all-time highs Asian Paint had reported 53.31% increase in consolidated net profit at ₹1,232.39 crore helped by sourcing efficiencies and moderating raw material prices.
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