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The latest update is out from Akzo Nobel India Limited ( (IN:AKZOINDIA) ).
Akzo Nobel India Limited has disclosed an update on a pending indirect tax litigation following an order from the Haryana GST Department relating to input tax credit (ITC) disallowance for the period April 2018 to March 2021. The initial show-cause notice had proposed a demand of Rs 49.73 lakh, but after the company’s submissions and review by the Assistant Commissioner, the aggregate demand in the order has been reduced to Rs 39.09 lakh, comprising tax of Rs 19.54 lakh along with applicable interest and an equivalent penalty. The order remains open to further representation, and the company is in the process of responding within the prescribed timeframe, indicating that the matter is still under dispute and the final financial impact on the company will depend on the outcome of subsequent proceedings.
More about Akzo Nobel India Limited
Akzo Nobel India Limited operates in the paints and coatings industry, offering decorative paints, performance coatings and related solutions for consumer and industrial markets across India. The company is part of the global AkzoNobel group and focuses on supplying coatings for housing, infrastructure and industrial applications, serving both retail and institutional customers.
Average Trading Volume: 37,921
Technical Sentiment Signal: Buy
Current Market Cap: 142.4B INR
See more data about AKZOINDIA stock on TipRanks’ Stock Analysis page.