Refex Industries Limited — Important, 03-04-2025: Updates

Refex Industries Limited has received a penalty order from the Assistant Commissioner Central Tax for the financial year 2018-19, amounting to ₹71.16 lakh. This order relates to the disallowance of Input Tax Credit (ITC) due to claimed credits from inactive GSTIN parties. The company deems the demand as non-maintainable and is planning to appeal against it. Management asserts that the penalty will not materially impact the company’s financials or operations. Investors may want to monitor this situation closely, as the outcome of the appeal could influence future financial performance.