ONGC slapped with GST Demand Order of Rs. 40.7 Cr on account of inadmissible ITC:

ONGC slapped with GST Demand Order of Rs. 40.7 Cr on account of inadmissible ITC As per the disclosure made by Oil and Natural Gas Corporation of India (ONGC), Demand of recovery of the inadmissible ITC of IGST amounting to Rs. 40,70,85,466/- under provisions of the Section 74 of the CGST Act, 2017 has been confirmed by the GST Department. The following was disclosed by ONGC: The Authority has passed the following order under Section 74(9) of the CGST Act, 2017: 1. Demand of recovery of the inadmissible ITC of IGST amounting to Rs. 40,70,85,466/- under provisions of the Section 74 of the CGST Act, 2017, and dropped the demand of recovery of inadmissible ITC of IGST of Rs. 37,61,50,995/- and its related proposals of appropriation, interest and penalty; 2. Appropriation of the amount of IGST of Rs. 40,70,85,466/- against the amount of tax confirmed as payable as per para (1) above; 3. Demand of recovery of the interest of Rs. 1,22,46,023/- under the provisions of Section 50 of the CGST Act, 2017 read with Rule 88B of the CGST Rules, 2017 on the amount of IGST confirmed above, in para (1); 4. Imposition of Penalty of Rs. 40,70,85,466/- under Section 122(2)(b) of the CGST Act, 2017 read with Section 74(1) of the CGST Act, 2017; 5. This order is issued without prejudice to the any other action that has been initiated or may be initiated against the Company under the provisions of the CGST Act, 2017 or the rules made thereunder or any other law for the time being in force in India. The Company intends to review the order in detail and shall file an appeal before the Commissioner of Central Tax (Appeals)-I, Mumbai within the stipulated time of 03 (three) months.