CGST-Excise Departments Levy Rs.15.48 Crore Tax Demand On ACC Ltd
CGST-Excise Departments Levy Rs.15.48 Crore Tax Demand On ACC Ltd
The disclosure was made under the Securities and Exchange Board of India Regulations
The Additional Commissioner, Central Goods and Sales Tax (CGST) and the Central Excise Commissioner, Ranchi, Jharkhand, have levied a tax demand of Rs.15,47,97,179, with applicable interest and penalty, on ACC Limited, a wholly-owned subsidiary of Adani group company Ambuja Cements.
The demand was levied due to the rejection of input credit of Clean Energy Cess, Education & SHE Cess under Tran-1, and the rejection of the Input Tax Credit (ITC) distributed by Input Service Distributor (ISD).
While intending to appeal against the orders imposing the penalty before the appropriate authority, the ACC stated, "We do not foresee any material impact on financial, operational or other activities of the company.”
The disclosure was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
