Kolkata, February 26, 2025 – Greenply Industries Limited has informed the stock exchanges about an order issued by the Sales Tax Officer Class II / AVATO, Ward 89, Zone 8, Delhi, under the Central Goods and Services Tax (CGST) Act, 2017, for the financial year 2020-21.
Key Highlights of the Order:
- Tax Demand: ₹7,13,122
- Interest: ₹5,32,087
- Penalty: ₹85,629
- Reason: The demand relates to Input Tax Credit (ITC) availed on supplies made by non-compliant service providers.
- Date of Order Receipt: February 25, 2025, at 12:42 PM.
Company’s Response and Impact:
Greenply Industries has asserted that:- The company has already discharged applicable taxes on its outward supplies.
- It has adhered to all conditions under the CGST Act.
- It has a strong case on merit and plans to file a rectification and/or appeal against the order within the prescribed timelines.
Financial and Operational Impact:
The company clarified that the order does not have any material financial or operational impact.This announcement is made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.