Akzo Nobel gets Tax Demand of Rs.44 Crore from State GST Department:

Akzo Nobel gets Tax Demand of Rs.44 Crore from State GST Department Akzo Nobel India Limited has received a Show Cause Notice under Section 73 of the CGST Act/Rules, 2017 for the disallowance of ITC and tax owing for the period April 2020 to March 2021. The Karnataka GST Department has issued a demand of Rs.44,48,65,290 (which includes tax of Rs.23,94,32,341; interest of Rs.15,75,46,480; and penalty of Rs.4,78,86,468). The company is expected to file a response within the time limit. "This is a Show Cause Notice and is open for further submissions before the relevant authorities," Akzo Nobel stated in an exchange filing. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Akzo Nobel N.V., stylised as AkzoNobel, is a Dutch multinational company which creates paints and performance coatings for both industry and consumers worldwide.