Ahmedabad, January 29, 2025 – Adani Power Limited (NSE: ADANIPOWER, BSE: 533096) has disclosed that the Additional Commissioner, GST & Central Excise Commissionerate, Rourkela, has issued a GST demand and penalty totaling ₹31.20 crores, comprising ₹15.60 crores in tax liability and an equivalent amount as a penalty.
Key Details of the GST Order
- Issuing Authority: Additional Commissioner, GST & Central Excise Commissionerate, Rourkela.
- Date of Communication: January 28, 2025.
- Nature of Demand: Tax payable under Section 74 of the CGST Act, 2017.
- Applicable Period: July 2017 to March 2018.
- Company Entity Concerned: Raipur Energen Ltd., a former wholly-owned subsidiary of Adani Power, was acquired in August 2019 and subsequently merged with the company.
Financial & Operational Impact
- The company clarified that this demand has no material impact on its financials or operations.
- Adani Power has indicated that it intends to assess its legal position and exercise its right to appeal against the order.
Regulatory Compliance & Disclosure
- The company made this disclosure in compliance with Regulation 30 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.
- The penalty relates to a period before Adani Power acquired Raipur Energen Ltd., suggesting that the liability is inherited from the acquired entity.