MRPL Receives GST Order; Plans to Appeal ₹10.97 Crore Demand
MRPL received an Order-in-Original from the GST Department demanding ₹10.97 crore for GST input tax credit issues between FY 2019-20 and FY 2023-24, along with a penalty of ₹12.79 crore. MRPL believes the order is unsustainable and plans to appeal.
While the company believes there will be no significant financial impact, the demand, penalty, and the need for an appeal suggest a medium-term impact on operations and financials.
The company has received an order demanding a significant amount for GST input tax credit issues, which is negative.
Mangalore Refinery and Petrochemicals Limited (MRPL) has received an Order-in-Original from the Commissioner of Central Excise & Central Tax, Mangaluru. The order pertains to issues related to the availment of Goods and Services Tax (GST) Input Tax Credit (ITC) for the financial years 2019-20 to 2023-24.
The GST Department had previously issued a Show Cause Notice (SCN) on various issues. The order demands ₹10,96,99,437/- (basic amount) along with a penalty of ₹12,79,10,256/- and applicable interest.
MRPL, a subsidiary of ONGC, is of the view that the order is not justified and unsustainable in law. The company plans to review the order and file an appeal with the appropriate legal authorities within the prescribed period. MRPL anticipates no significant financial impact due to the order, given the size and scale of its operations.
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Mangalore Refinery and Petrochemicals 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 medium impact: worth reading, rarely worth acting on by itself.
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