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What is the story about?
Cement maker ACC Ltd on Wednesday (December 31) said that it has received two separate orders under the CGST Act, 2017, with a combined total demand of ₹40.13 crore, including penalties and interest.
The first order from the Joint Commissioner, Ludhiana, Punjab, imposes a demand of ₹2.92 crore with a penalty of ₹0.29 crore, totalling ₹3.21 crore, along with interest as applicable under Section 50 of the CGST/PGST Act, 2017.
The second order from the Deputy Commissioner of State Tax Special Circle, Patna, imposes a demand of ₹20.80 crore, interest of ₹14.04 crore, and a penalty of ₹2.09 crore, totalling ₹36.93 crore.
The alleged violations relate to excess input tax credit (ITC) availed, including excess ITC claimed under the ISD mechanism, verification of credit notes, ineligible ITC, and supplies or tax reduced through amendments.
ACC stated that it is taking appropriate steps to appeal against both orders before the relevant authorities. The company does not foresee any material impact on its financials, operations, or other activities as a result of these demands.
Shares of ACC Ltd ended at ₹1,737, up by ₹4.90, or 0.28%, on the BSE today, December 31.
The first order from the Joint Commissioner, Ludhiana, Punjab, imposes a demand of ₹2.92 crore with a penalty of ₹0.29 crore, totalling ₹3.21 crore, along with interest as applicable under Section 50 of the CGST/PGST Act, 2017.
The second order from the Deputy Commissioner of State Tax Special Circle, Patna, imposes a demand of ₹20.80 crore, interest of ₹14.04 crore, and a penalty of ₹2.09 crore, totalling ₹36.93 crore.
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The alleged violations relate to excess input tax credit (ITC) availed, including excess ITC claimed under the ISD mechanism, verification of credit notes, ineligible ITC, and supplies or tax reduced through amendments.
ACC stated that it is taking appropriate steps to appeal against both orders before the relevant authorities. The company does not foresee any material impact on its financials, operations, or other activities as a result of these demands.
Shares of ACC Ltd ended at ₹1,737, up by ₹4.90, or 0.28%, on the BSE today, December 31.
Also Read: ACC–Ambuja merger moves closer, Adani Group bets big on ‘One Cement Platform’
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