Kansai Nerolac faces CGST penalty of INR 1.04 crore

Kansai Nerolac Paints Limited announced that it has received an order from the Deputy Commissioner of State Tax, Amritsar, imposing a penalty of ₹1,03,90,691 under Section 73 of the CGST Act, 2017. The penalty relates to the partial disallowance of input tax credit claimed by the company during the financial year 2020-21 for its operations in Punjab. Kansai Nerolac intends to appeal the order and has stated that it possesses relevant records to support its claim for input tax credit. The company has declared that the order will not have a material impact on its financials, operations, or other activities.