Thirumalai Chemicals receives tax demand for alleged excess ITC

Thirumalai Chemicals Limited reported receiving an intimation on November 13, 2025, concerning a tax demand under the CGST Act, 2017. The demand stems from an alleged excess input tax credit (ITC) availed by the company, identified during a GSTR 9 scrutiny.

The quantifiable financial impact of the demand amounts to Rs. 47.53 crore in tax, totaling Rs. 47.53 crore. Thirumalai Chemicals stated that it believes the demands are erroneous and unsustainable.

The company plans to pursue all available legal remedies and anticipates that any financial implication from this demand will be "very insignificant" and will not materially impact its financial position.