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VMS Industries has received a GST order from the Joint Commissioner, Bhavnagar, involving a demand of ₹7.65 Cr in tax and a penalty of ₹15.30 Cr, totaling ₹22.95 Cr. This order, related to alleged fraudulent Input Tax Credit transactions and circular trading, represents approximately 7.95% of the company's FY2024-25 turnover. VMS stated it has strong grounds to contest the order and plans to appeal, anticipating no material impact on its operations.