106568481The Assistant Commissioner of State Tax, Vadodara has raised a GST demand totalling ₹60,46,796 (tax ₹19.14L + interest ₹22.18L + penalty ₹19.14L) relating to allegedly ineligible Input Tax Credit claimed in FY 2019-20. The company contests the demand, asserting full compliance with GST law, and intends to pursue legal remedies.
The total demand is negligible relative to Deepak Nitrite's ₹18,563 Cr market cap, making financial impact immaterial. However, it reflects ongoing GST scrutiny of legacy ITC claims — a common sector-wide issue for chemical manufacturers — and investors should watch for escalation in demand quantum across other years or units.
High impact event - Company Name: Deepak Nitrite Limited - Event: GST demand order received for ₹60.46 lakh (tax + interest + penalty) for FY 2019-20 ineligible ITC - Time: 25th March, 2026 (order dated 7th March, 2026) Key Insight: The Assistant Commissioner of State Tax, Vadodara has raised a GST demand totalling ₹60,46,796 (tax ₹19.14L + interest ₹22.18L + penalty ₹19.14L) relating to allegedly ineligible Input Tax Credit claimed in FY 2019-20. The company contests the demand, asserting full compliance with GST law, and intends to pursue legal remedies. Why it matters: The total demand is negligible relative to Deepak Nitrite's ₹18,563 Cr market cap, making financial impact immaterial. However, it reflects ongoing GST scrutiny of legacy ITC claims — a common sector-wide issue for chemical manufacturers — and investors should watch for escalation in demand quantum across other years or units. Market cap: ₹18,563.09 Cr sector: Specialty Chemicals confidence score: 5 Source: NSE Corporate Announcement Link: https://www.nseindia.com/companies-listing/corporate-filings-announcements