Cords Cable Industries Gets GST Demand, Plans to Appeal
Cords Cable Industries Ltd recently disclosed to the National Stock Exchange of India Limited and Bombay Stock Exchange Ltd regarding regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.
The company informed that they had received a GST demand order from the Office of the Assistant Commissioner, CGST Division-Tijara, Alwar Bypass Road, Bhiwadi, Alwar, Rajasthan. The demand order is for an IGST amount of Rs 10,587,295 of the CGST Act, 2017 along with a penalty of an equivalent amount of IGST under Sections 74(1) and 122(1)(vii) of the CGST Act, 2017 read with Section 20 of the IGST Act, 2017 and the SGST Act, 2017 and applicable interest for incorrect availment of input tax credit by the Company.
The company has already paid Rs. 17,655,460 under protest towards the above demand, interest and penalty. The company plans to file an appeal against this order with the higher authorities.
The company has also stated that this matter will not have any significant effect on its finances or day-to-day operations.
