CG Power scores with demand order of Rs.4 crore GST for FY19
CG Power and Industrial Solutions Limited (CG Power) has received an order from the Additional Commissioner of Central Goods and Services Tax (CGST) and Central Excise in Bhopal, Madhya Pradesh, the company said in a regulatory filing on Monday, April 8.
The order imposes a penalty of Rs. 4,098 crore on CG Power for allegedly wrongly availing and reversing input tax credit (ITC) during the financial year 2018-19.
According to the filing, the order was issued under the CGST Act, 2017. “The company is of the view that it has a strong case to appeal against the said order before the appellate authority,” the company said.
The company emphasized that the order order will not have a material impact on its financial, operational or other activities.
