IndiGo To Challenge Rs 117 Crore Penalty Related To Input Tax Credit
According to a regulatory filing, the fine is related to the period 2018-19 to 2021-22.
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IndiGo on Tuesday said it has been slapped with a penalty of Rs 117.52 crore related to input tax credit and the airline will challenge the ruling. The penalty has been imposed on the airline by Joint Commissioner of Central Tax and Central Excise, CGST Kochi Commissionerate, Kerala.
According to a regulatory filing, the fine is related to the period 2018-19 to 2021-22. 'The department has denied input tax credit (ITC) availed by the company and has issued a demand order along with penalty.
'The company believes that the order passed by the authorities is erroneous. Further, the company believes that it has a strong case on merits, backed by advice from external tax advisors,' the filing said.
Further, the airline said it would contest the same before the appropriate authority and that there was no significant impact on its financials, operations or other activities.
Shares of the company fell 1.60% to close at Rs 5,697.70 apiece.
