Indigo Paints faces ₹19.26 crore GST demand, plans appeal

Indigo Paints Limited announced on November 22, 2025, that it has received an order from the office of the assistant commissioner of state tax, Pune, Maharashtra. The order pertains to GST credit availed on IPO-related expenses, raising a demand of ₹19.26 crore, which includes interest and penalty. The company received this communication on November 21, 2025.

The demand arises from the availment of input tax credit for GST paid on IPO-related expenses. In response, Indigo Paints Limited has stated its intention to file an appeal with the Goods and Service Tax Appellate Tribunal.

Despite the significant demand, the company reports no immediate impact on its financial, operational, or other activities, as the appeal process is underway. The disclosure was made in compliance with Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.