DIC India GST demand of ₹6.62 lakh set aside in final order

DIC India has successfully overturned a Goods and Services Tax (GST) demand of ₹6.62 lakh after the Additional Commissioner (Appeals), Noida, passed a final order in its favour. The order, received on July 14, 2026, set aside the original demand which had been raised for the financial year 2021-22. The authority ruled that the allegation of non-payment of GST against the recovery of research and development fees from foreign entities was invalid, resulting in no financial or operational impact on the company.

The dispute originated from an order dated December 30, 2025, issued by the Assistant Commissioner (in-situ), CGST, Range-23, Division-V, Noida. This initial order had imposed a total demand of ₹6,61,766, comprising a tax amount of ₹6,01,606 and a penalty of ₹60,160. DIC India had previously disclosed this development to the exchanges on December 31, 2025, and subsequently filed an appeal before the appellate authority.

Details of the Order

The final order, referenced as ZD090726118479T, specifically addressed the contention regarding the issuance of debit notes for R&D fees. The appellate authority concluded that the original demand raised under Section 73 of the Uttar Pradesh GST Act was not sustainable. Consequently, the entire demand was quashed, bringing the legal proceedings to a close.

Particulars	Details
Authority	Additional Commissioner (Appeals), Noida
Order Reference No.	ZD090726118479T
Date of Order	July 14, 2026
Original Demand	₹6,61,766
Tax Component	₹6,01,606
Penalty Component	₹60,160
Period	F.Y. 2021-22

The company confirmed that the order does not necessitate any provisions or adjustments in its financial statements. As the ruling is in favour of DIC India, there are no residual liabilities or compliance actions required regarding this specific demand.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.69%	+1.02%	+0.56%	+13.02%	-14.13%	+5.61%

DIC India Ltd has appointed Ms. Manjusha Singh as its Deputy CEO, effective July 04, 2026. The appointment was recommended by the Nomination & Remuneration Committee and approved by the Board on July 04, 2026 at 02:27 PM. Singh will continue to be designated as a Senior Management Personnel of the company and will discharge her assigned responsibilities accordingly.

The company informed the exchanges regarding the change in key managerial personnel pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was made in compliance with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, and the relevant master circular issued on July 11, 2023 and last updated on January 30, 2026.

Profile of the Appointee

Ms. Manjusha Singh is a business leader with over 25 years of experience in B2B sales. Her professional background includes cross-functional experience in Marketing, Pricing, and Strategy roles within regional and global capacities in the industrial manufacturing and packaging sectors.

Singh has a proven track record of driving revenue growth and market share. Her experience includes managing large multinational accounts, heading an independent profit centre, and driving large-scale business transformation projects.

Appointment Details

The following table summarizes the key details of the appointment:

Sr.No	Disclosure Requirement	Details
1	Reason for Change	Appointment of Ms. Manjusha Singh as the Deputy CEO with effect from July 04, 2026, while she will remain designated as Senior Management Persons of the Company.
2	Date of Appointment	July 04, 2026.
3	Brief Profile	Ms Manjusha Singh is a business leader with 25+ years of experience in B2B sales, with cross-functional experience in Marketing, Pricing and Strategy roles in both regional & global capacities industrial manufacturing and packaging sectors.
4	Disclosure of relationship between directors	Not Applicable