CG Power and Industrial Solutions Limited (CG Power) has received a demand order from the Additional Commissioner of Central Goods and Services Tax (CGST) and Central Excise in Bhopal, Madhya Pradesh, it informed in a regulatory filing on Monday, April 8.
The order, imposes a penalty of ₹4.098 crore on CG Power for allegedly wrongly availing and reversing input tax credit (ITC) during the 2018-19 financial year.
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 on merits to appeal against the said order before the appellate authority,” it said.
The company emphasised that the demand order will not have any material impact on its financial, operational, or other activities.
Source from: https://www.cnbctv18.com/business/companies/cg-power-hit-with-rs-4-crore-gst-demand-order-for-fy19-19393990.htm