Mumbai, February 1, 2025 – Camlin Fine Sciences Limited (BSE: 532834, NSE: CAMLINFINE) has received an Order in Original from the Office of the Commissioner of CGST & Central Excise, Palghar, confirming a Goods and Services Tax (GST) demand for the period from July 2017 to March 2023.
Key Details of the Order
| Authority Issuing the Order | Additional Commissioner, CGST & Central Excise, Palghar |
|---|---|
| Violation/Contravention Cited | GST demand under Section 74(9) of CGST Act, 2017 and corresponding IGST provisions |
| Date of Receipt | January 31, 2025 (at the registered office) |
| Demanded Amount | ₹64,32,19,30/- (inclusive of GST liability, interest, and penalty) |
Company's Response
Camlin Fine Sciences has stated that this order does not materially impact its financial, operational, or other business activities. The company further clarified its intention to challenge the order before the appropriate higher courts or authorities within the prescribed legal timeframe.Market Implications
While regulatory tax demands can pose financial and reputational risks, Camlin Fine Sciences’ assurance that the ruling will not affect its operations is expected to mitigate investor concerns. Market watchers will be keenly observing the company's next legal steps and any potential updates on the matter.This is a developing story, and further updates will follow as the legal proceedings progress.