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Camlin Fine Sciences Limited ( (IN:CAMLINFINE) ) has issued an announcement.
Camlin Fine Sciences has disclosed that it received an order from the Office of the Commissioner of CGST & Central Excise, Palghar, demanding reversal of allegedly ineligible input tax credit of Rs 23.54 crore for FY 2019-20 to FY 2022-23. The order also seeks applicable interest and imposes an equivalent penalty of Rs 23.54 crore for alleged contraventions under the CGST, IGST and MGST Acts related to input tax credit on trade payables outstanding beyond 180 days.
The company has stated that the tax demand and penalty are not expected to have a material impact on its financial, operational or other activities at this stage. Management has reviewed the order and is preparing to file an appeal, signaling that the dispute will likely move into a litigation phase while normal business operations continue.
More about Camlin Fine Sciences Limited
Camlin Fine Sciences Limited operates in the specialty chemicals sector, focusing on fine chemicals and related products for diverse industrial applications. The company is listed on both BSE and NSE, indicating an established presence in India’s capital markets and a broad base of public shareholders.
Average Trading Volume: 35,324
Technical Sentiment Signal: Hold
Current Market Cap: 26.11B INR
Find detailed analytics on CAMLINFINE stock on TipRanks’ Stock Analysis page.