Kolkata, February 5, 2025
Exide Industries Limited (NSE: EXIDEIND, BSE: 500086) has received a demand order from the Additional Commissioner, GST, Ahmedabad South, dated February 4, 2025. The order pertains to an alleged incorrect availment of Input Tax Credit (ITC) on capital goods.Key Details of the Order:
| Authority | Additional Commissioner, CGST, Ahmedabad South |
|---|---|
| Nature of Order | GST demand order |
| Interest Amount | ₹50,19,058 |
| Penalty Amount | ₹4,14,49,449 |
| Date of Order | January 25, 2025 |
| Date of Receipt | February 4, 2025 |
| Alleged Violation | Incorrect availment of Input Tax Credit on capital goods |
| Impact on Operations | No material impact on financials or operations |
Company's Response:
Exide Industries has stated that the order does not have a material financial or operational impact on the company. The company plans to contest the order by filing an appeal before the Appellate Authority.Jitendra Kumar, Company Secretary & President - Legal & Corporate Affairs at Exide Industries, affirmed the company's position in a regulatory filing, reiterating that the appeal process will be initiated to challenge the order.