India Glycols Limited — Important, 03-02-2025: General Updates

India Glycols Limited has received a significant order from the Joint Commissioner CGST, Noida, disallowing Transitional Input Tax Credit (ITC) and demanding recovery of ₹1.92 crore (cr) plus interest, along with a penalty of ₹1.92 crore (cr). This relates to allegations regarding the wrong availment of ITC for FY 2017-18, despite the company having previously submitted a detailed response to the Show Cause Notice. The company contests the maintainability of this demand and plans to appeal the order, expressing confidence that the tax, interest, and penalty will be dropped by the Appellate Authority. This situation underscores potential financial risks but also highlights the company’s proactive stance in challenging the ruling, indicating a positive outlook for resolving the issue.