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Akzo Nobel India Limited ( (IN:AKZOINDIA) ) has issued an update.
Akzo Nobel India has disclosed an update on a pending tax litigation with the Bihar GST Department relating to disallowance of input tax credit for April 2021 to March 2022. Following a show cause notice that initially proposed an aggregate demand of Rs 23.04 lakh, the Deputy Commissioner of State, Bihar GST Department, has now issued an order reducing the total demand to Rs 2.30 lakh, comprising tax of Rs 1.21 lakh, interest of Rs 0.79 lakh and penalty of Rs 0.30 lakh. The company has stated that the order remains open for further submissions and it is in the process of responding within the prescribed timeframe, indicating that the matter is still under dispute but the financial exposure has been significantly curtailed compared with the original notice.
More about Akzo Nobel India Limited
Akzo Nobel India Limited is a leading paints and coatings company, part of the global AkzoNobel group, serving the Indian market with decorative paints and performance coatings across consumer, industrial and infrastructure segments.
Average Trading Volume: 37,921
Technical Sentiment Signal: Buy
Current Market Cap: 142.4B INR
For an in-depth examination of AKZOINDIA stock, go to TipRanks’ Overview page.