Action(s) initiated or orders passed

Manoj Vaibhav Gems N Jewellers Limited has received an order from the Central GST Commissionerate, Visakhapatnam, concerning alleged irregular availment and utilization of Input Tax Credit (ITC) on IPO expenses for FY 2021-22 to 2024-25. The order confirms a total demand of Rs. 5,84,20,920/-, comprising a tax demand of Rs. 2,92,10,460/- and an equivalent penalty of Rs. 2,92,10,460/-, along with applicable interest. The company intends to file an appeal against this order and states that there is no impact on its operational activities.