Finolex Cables Limited has received several orders from various authorities regarding tax demands. The Assistant Commissioner of Revenue, Corporate Division Circle (LTU Charge), located at 4th Building, 2nd Floor, Room No 213, Directorate of Commercial Tax, 14, Beliaghata Road, Kolkata-700015, has levied a total demand of INR 409,933/-. This demand was confirmed under a Show Cause Notice for disallowing Input Tax Credit due to a mismatch on the GST portal and other reasons.
The breakdown of the demand includes Tax: INR 208,661/-, Interest: INR 161,272/-, and Penalty: INR 40,000/-. The order was received on February 26, 2025. It is alleged that the Company has claimed excess Input Tax Credit.
The financial impact of this demand is not considered major on the operations of the Company. The Excise & Taxation Officer, Ward-5, Excise & Taxation Department U.T. Chandigarh, has also confirmed a demand of INR 3,195,180/-. This order was issued under a Show Cause Notice for disallowing Input Tax Credit due to insufficient documentary evidence and other reasons.
The details of the demand include Tax: INR 1,676,902/-, Interest: INR 1,330,587/-, and Penalty: INR 187,961/-. The order was received on February 26, 2025, and it is alleged that the Company has claimed excess Input Tax Credit. Similar to the previous case, this demand is not expected to have a major impact on the Company's operations.
The Assistant Commissioner of GST & Central Excise, Bhubaneshwar-II Division, located at Plot No.258, District Centre, Chandrasekharpur, Bhubneshwar - 751016, has confirmed a demand of INR 4,367,271/-. This demand was also confirmed under a Show Cause Notice for disallowing Input Tax Credit due to insufficient documentary evidence and other reasons. The breakdown includes Tax: INR 3,970,247/-, applicable interest under Section 50(1) of the CGST Act, 2017, and Penalty: INR 397,024/-.
The order was received on February 26, 2025, and it is alleged that the Company has claimed ineligible Input Tax Credit. The financial impact of this demand is not considered major on the operations of the Company. Lastly, the Deputy Commissioner of State Tax, Sector -9, Lucknow, located at Room No.-515, Fifth Floor, Vanijya Kar Bhavan, 5 Meerabai Marg, Lucknow - 226001, has levied a total demand of INR 1,228,985/-.
This demand was confirmed under a Show Cause Notice for disallowing Input Tax Credit due to a mismatch on the GST portal and other reasons. The details of the demand include Tax: INR 679,561/-, Interest: INR 481,468/-, and Penalty: INR 67,956/-. The order was received on February 26, 2025, and it is alleged that the Company has claimed excess Input Tax Credit.
Again, this demand is not expected to have a major impact on the Company's operations.
