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Coromandel International Limited ( (IN:COROMANDEL) ) just unveiled an announcement.
Coromandel International Limited has disclosed a demand order from the Assistant Commissioner of the Harbour Assessment Circle in Chennai, concerning a recovery of tax, interest, and penalties totaling over Rs. 5.96 crore. The order alleges excess availment of Input Tax Credit due to discrepancies in import data and issues with suppliers’ GST compliance. Coromandel believes it has a strong case to defend and plans to appeal the decision. The company asserts that the financial impact is limited to the GST Input Tax Credit, interest, and penalties, and there is no material impact on its overall financials or operations.
More about Coromandel International Limited
Coromandel International Limited operates in the agricultural industry, primarily focusing on the production and distribution of fertilizers, crop protection products, and specialty nutrients. The company is a key player in the Indian market, catering to the needs of farmers and agricultural stakeholders.
Average Trading Volume: 13,364
Technical Sentiment Signal: Strong Buy
Current Market Cap: 690.7B INR
Learn more about COROMANDEL stock on TipRanks’ Stock Analysis page.