CGST Jaipur Rejects Appeal Filed Against Order by Pidilite Industries Limited
April 05, 2024 at 11:01 am EDT
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Pidilite Industries Limited has received an Order dated 01st March, 2024, which was received vide post at Jaipur office on 05th April, 2024, issued by the Joint Commissioner (A), CGST Jaipur rejecting the appeal filed against Order-in-Original dated 07 June 2022. The penalty confirmed in the order is INR 408,185 for the year 2017-2018 under applicable provisions of the Central Goods and Service Tax Act, 2017. GST department has disallowed the Input Tax Credit claimed by the Company.
Based on the Company's assessment, the Company reasonably expects a favorable outcome at the Tribunal level. There is no material impact on financials, operations or other activities of the Company.
Pidilite Industries Limited is an India-based manufacturer of adhesives and sealants, construction chemicals, craftsmen products, DIY (Do-It-Yourself) products, and polymer emulsions. The Company, together with its subsidiaries, is focused on consumer and industrial specialty chemicals. The Company's segments include Consumer and Bazaar (C&B), Business to Business (B2B), and Others. The C&B segment covers the sale of products mainly to end consumers, which are retail users such as carpenters, painters, plumbers, mechanics, households, students and offices, among others. The Company's products include adhesives, sealants, art and craft materials and construction and paint chemicals. The B2B segment includes industrial products such as adhesives, synthetic resins, organic pigments, pigment preparations, construction chemicals (projects) and surfactants, among others. It caters to various industries, such as packaging, textiles, joineries, printing inks, paper and leather, among others.