Aditya Birla Fashion and Retail Limited has received a demand order from the Assistant Commissioner of Central Goods & Service Tax Division-II, Chandigarh. The order relates to a dispute over the claim of Input Tax Credit (ITC) in the IGST category instead of CGST & SGST (inter-head adjustment). The demand order, in Form DRC-07, imposes a total demand of ₹2,46,48,672, consisting of tax, interest, and penalty. The company intends to file an appeal against the order before the Appellate Authority. The demand is the result of audit proceedings under Section 74 of the CGST Act, 2017. The company’s exchange filing stated that it will take necessary steps to challenge the order. The development is likely to have a significant impact on the company’s financials, and investors will be watching closely to see how the matter unfolds.
Aditya Birla Fashion hit with ₹2.46 crore Goods and Services Tax demand over disputed Input Tax Credit claims
