The Asst. Commissioner has passed an order that in Financial Year 2021-22, Nectar Lifesciences Limited has excess availed Input Tax Credit amounting to ₹1,01,88,649/- in GSTR3B as compared to available in GSTR2A.
The ITC availed by the Company is not an eligible ITC as per Section 16 read with Rule 36 of CGST Rules 2017 as challan (TR-6) is not a valid document to avail ITC.
The company has said to have paid challans (TR-6) of import duty (IGST) at Customs amounting to ₹1,01,88,649/- on imports done against advance license (Bill of entries pertaining to the period 2017-18 and 2018-19) in February 2022.
The Company is in the process of filing an appeal with the Commissioner (Appeals) against the order passed by Asst. Commissioner.
The disclosure was made under Regulation 30 of the Securities and Exchange of Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
