Akzo Nobel India Limited received Notice (dated 24th January 2024) from the Punjab GST Department, an order dated 26th April 2024 has been received by on 27th April 2024. The details of any change in the status and /or any development in relation to such proceedings; The Company had received a Show Cause Notice (SCN) from the Punjab GST Department on 24th January 2024, during the GST Audit for the financial year 2018-2019 disallowing the Input Tax Credit (ITC) under the CGST/SGST Act, 2017, and demanded INR 132,227,096/-, including, interest, and penalty. However, basis response to the aforesaid notice along with the supporting documents within the given time limit, the Deputy Commissioner of State Tax, Punjab GST Department reviewed reply and issued an Order (dated 26th April 2024) by dropping the demand of INR 24,140,717/- and raising a final demand of INR 10,80,86,379/- (comprising Tax: INR 51,624,612/-, Interest: INR 51,299,306/-; and Penalty: INR 5,162,461/-).

The aforesaid Order is open for further submissions before the relevant authorities, and are in the process of responding within the stipulated time as mentioned in the said Order.