Mumbai, February 5, 2025 – Flair Writing Industries Limited (FWIL), a leading writing instruments manufacturer, has disclosed a tax-related regulatory development under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Regulatory Order Summary
The company received an Order-In-Original from the Office of the Assistant Commissioner of CGST & C. Ex, Division-X, Mumbai East, concerning the Financial Year 2017-18. The order, issued under Section 74 of the CGST Act, 2017, pertains to the disallowance of Input Tax Credit (ITC).Details of the Order
- Violation Alleged: Disallowance of ITC under Section 74 of the CGST Act, 2017, along with corresponding provisions under the MGST Act, 2017.
- Tax Demand & Penalty:
- IGST Demand: ₹14,65,271/-
- Penalty Imposed: ₹14,65,271/-
- Date of Order Receipt: February 4, 2025
Financial & Operational Impact
FWIL has stated that the company will challenge the order based on "strong merits" by filing its reply before the relevant authorities. The company has emphasized that there will be no material impact on its financials, operations, or other activities, apart from the final tax liability that may be determined, including interest and penalties.FWIL remains committed to complying with tax regulations while safeguarding its financial position. Investors are advised to monitor further regulatory proceedings regarding this matter.