Bhagyanagar India Limited has received a GST demand order from the Office of the Additional Commissioner of Central Tax, Secunderabad Commissionerate. Hyderabad, according to the Company’s exchange filing.
The GST Authority has imposed a penalty of ₹ 50,68,69,222 on the company as well as on the Managing Director, Devendra Surana under applicable provisions of the Central Goods and Services Tax Act, 2017 and rules made thereunder.
The order was passed on the ground of availing inadmissible ITC.
The Company is likely to file an appeal challenging the order before an appropriate appellate authority. “Based on assessment of facts and prevailing law, the Company is of the view that the penalty levied is arbitrary and unjustified,” Bhagyanagar India Limited said in the exchange filing.
“The Company will file necessary appeal with the appropriate appellate authority in this regard,” The company said.
The Company received the order on January 3, 2025.
The disclosure to the exchange was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Source #ET
