Taxman Turns Up the Heat: V-Guard Industries Hit with ₹11.7 Million in New Demands

V-Guard Industries Ltd has been served two new tax notices asking for a total of 11.7 million rupees, including penalty and tax. One of the notices asks for a payment of 7.2 million rupees, and the other notice asks for 4.5 million rupees. These new tax notices are added to the company's recent history of compliance and regulatory problems in recent months.

 

The firm, which is a leading manufacturer of domestic and electrical appliances, has further disclosed that these tax demand orders are on account of non-generation of e-waybills for credit notes issued related to FY 2019-20 and FY 2020-21 alongwith interest and penalty. Such tax requests are not usually out of the ordinary for big firms, but the cumulative impact of a chain of orders over a short period of time leaves investors and stakeholders apprehensive.

 

V-Guard Industries has had such identical tax demands and regulatory charges in the past, highlighting the importance of robust compliance measures in the evolving Indian tax environment. The company's response and subsequent disclosures, if any, on how such problems were addressed will be keenly watched by the market.

 

Source: TradingView