Alok Industries Limited Receives Order from Assistant Commissioner of Central GST & Central Excise, Division VIII, Daman Commissionerate
June 06, 2024 at 10:18 am
Share
On June 05, 2024, Alok Industries Limited has received an order dated May 28, 2024 ("Order") from the Assistant Commissioner of Central GST & Central Excise, Division VIII,
Daman Commissionerate, levying on the Company a penalty of INR 856,256/- under Section 73(9) of the Central Goods and Services Tax Act, 2017 read with Section 20 of the Integrated
Goods and Services Tax Act, 2017 and Section 6 of the Union Territory Goods and Services Tax Act, 2017. The Order has been passed alleging erroneous claim for excess refund of input tax credit by the Company for the month of September and November 2019. The Company intends to file an appeal against the Order. The financial impact of the Order is to the extent of the penalty levied. There is no impact on operations or other activities of the Company due to the Order.
Alok Industries Limited is an India-based vertically integrated textile company with integration in both cotton and polyester segments. In the cotton segment, the Company is integrated right from spinning to weaving, processing, finished fabrics, bedsheets, towels and garments. In the polyester segment, the integration is from continuous polymerization where PTA and MEG are used to make melt to produce polyester chips to partially oriented yarn (POY), fully drawn yarn (FDY), drawn texturized yarn (DTY) and polyester staple fiber (PSF). Its products include polyester, spun yarns, apparel fabrics, home textiles, garments, textile accessories, technical textiles and corrugated packaging. Its plants are situated at Vapi (in Gujarat) and Silvassa (part of a Union Territory near Vapi). The Company has a customer base across the world that includes global retail brands, textile importers, private labels, and domestic retailers, garment and textile manufacturers and traders.
ALOK INDUSTRIES LIMITED