“As part of the GST audit, a show cause notice u/s 73 of CGST ACT/Rules, 2017 has been received by the company mentioning disallowance of ITC and tax due for the period from April 2020 to March 2021, aggregating to Rs 44,48,65,290.
The total liability of Rs 44.48 crore includes tax of Rs 23.94 crore; interest of Rs 15.75 crore; and penalty of Rs 4.78 crore.
The paint manufacturer said that this notice is open for further submissions before the relevant authorities, and it is in the process of responding to the same within the stipulated time as mentioned therein.
Akzo Nobel India is a leading paints and coatings company and maker of Dulux Paints. The company’s consolidated net profit rose 3.9% to Rs 97.90 crore on a 2.7% increase in net sales to Rs 982.30 crore in Q2 FY25 over Q2 FY24.
The scrip jumped 4.49% to Rs 3,767.85 on the BSE.