CGST Goa Issues ₹16 Lakh Demand Order Against Finolex Cables
Finolex Cables received a CGST Goa order demanding ₹15,98,544 for allegedly ineligible ITC on services from Depositary and Register and Transfer Agent for FY19-23. The company has the option to appeal.
The total demand of ₹15,98,544 is considered not to have a major impact on the company's operations, indicating a low financial impact.
The company has received a tax demand order, which is a negative event. However, the amount is relatively small and the company believes it will not significantly impact operations, and they have the option to appeal, making the overall sentiment neutral.
Finolex Cables Limited has received an order dated 26.12.2025 from the Superintendent, Range-IV, Division-IV, CGST Goa. The order confirms a demand under a Show Cause Notice concerning ineligible Input Tax Credit (ITC) availed during the financial years 2018-19 to 2022-23.
The company alleges that the GST credit taken on services availed from the Depositary and Register and Transfer Agent is ineligible. The total tax demand amounts to ₹15,98,544, comprising ₹7,99,272 in tax and ₹7,99,272 in penalty.
Finolex Cables has stated that this demand is not expected to have a major impact on the company's operations. The company retains the option to file an appeal before the Appellate Authority against this order.
What to do with a filing like this
Finolex Cables Limited filed this with the NSE as a statutory disclosure, categorised under other regulatory filings. It is a primary document, not a recommendation, and the desk marks it low impact, the band that almost never moves a portfolio on its own.
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See the model portfoliosA plain-language summary of a public exchange filing by Finolex Cables Limited. Read the original for the full detail.