ACC Limited has received Orders from the Additional Commissioner, CGST & CX Commissionerate, Ranchi, Jharkhand, levying a tax demand of Rs.15,47,97,179/- along with applicable interest and penalty, according to an exchange filing.
The demand was levied on issues: (a) rejection of input credit of Clean Energy Cess, Education & SHE Cess under TRAN-1, and (b) rejection of ITC distributed by ISD.
Ambuja Cements subsidiary is likely to appeal against the said orders imposing the penalty before the appropriate authority. “The Company does not foresee any material impact on financial or operational or other activities of the Company,” ACC Limited said in the exchange filing.
The disclosure was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Source #ET