Deepak Nitrite receives GST order for ₹60.46 Lakhs tax, interest, and penalty
Deepak Nitrite Limited received a GST order for recovery of ₹19.14 Lakhs tax, ₹22.17 Lakhs interest, and ₹19.14 Lakhs penalty for FY19-20. The total demand is ₹60.46 Lakhs. The company disputes the demand for ineligible ITC and is taking legal action.
The total amount of ₹60.46 Lakhs is considered a low financial impact for a company of Deepak Nitrite's size, as stated in the announcement.
The company has received an order for tax, interest, and penalty, which is a negative development.
Deepak Nitrite Limited (DNL) has received an order from the Assistant Commissioner of State Tax, Unit-40, Vadodara, Gujarat, under the Gujarat Goods and Service Tax Act, 2017. The order, dated 7th March 2026 and received by the company on 25th March 2026, pertains to the recovery of tax, interest, and penalty for the financial year 2019-20.
The GST Authority has ordered the recovery of ₹19,14,506 as tax (CGST+SGST) under section 74(5) of the GGST Act. Additionally, interest amounting to ₹22,17,784 (CGST+SGST) under section 50 and a penalty of ₹19,14,506 (CGST+SGST) under section 74(8) have been levied.
The demand is for ineligible Input Tax Credit (ITC) claimed by the company. Deepak Nitrite Limited believes that the ITC was availed following due process and compliance with GST laws. The company is currently pursuing appropriate legal action to challenge the order concerning the recovery of tax, interest, and penalty.
The company has stated that there will be no material financial impact beyond the amounts mentioned in the order, which total ₹60,46,846.
What to do with a filing like this
Deepak Nitrite Limited filed this with the NSE as a statutory disclosure, categorised under regulatory impact. 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 Deepak Nitrite Limited. Read the original for the full detail.