Indo Count Industries Limited has concluded the GST inspection and search conducted by the Maharashtra State Tax Department at its premises, with the company agreeing to pay compensatory interest of ₹12.81 crores on IGST rectification.

GST Inspection Details

The inspection and search were conducted under Section 67 of the Maharashtra Goods and Services Tax Act, 2017, at the company's premises situated in Maharashtra. The proceedings concluded on Tuesday, March 17, 2026, following the commencement that was earlier intimated to the exchanges on March 11, 2026.

Voluntary Rectification and Compliance

Indo Count Industries has proactively addressed certain discrepancies identified during the inspection process. The company has voluntarily rectified these issues by agreeing to pay IGST for the period from April 1, 2020 till date. This payment will be available for restitution or restoration as per applicable GST provisions.

Financial Impact Assessment

The company has assessed the financial implications of the GST inspection and subsequent rectification measures. The impact remains limited and manageable within the company's operational framework.

Regulatory Compliance

The intimation was provided to stock exchanges in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has furnished all required details as per Clause 19 of Para A of Part A of Schedule III of the SEBI Listing Regulations, along with the SEBI Master Circular dated January 30, 2026.

The company emphasized that apart from the compensatory interest payment, there is no material impact on its financials, business operations, or other activities. This conclusion of the GST inspection process allows Indo Count Industries to continue its normal business operations without significant disruption.

Indo Count Industries has informed stakeholders about a GST inspection initiated by the Commissioner of State Tax, Maharashtra at the company's premises on March 11, 2026. The textile manufacturer issued a formal regulatory disclosure regarding the ongoing inspection under Section 67 of the Maharashtra Goods and Services Tax Act, 2017.

Inspection Details and Timeline

The GST inspection commenced on Wednesday, March 11, 2026 at 11:50 a.m. at the company's premises located in Maharashtra state. The inspection is being conducted under Section 67 of the Maharashtra Goods and Services Tax Act, 2017, with the process currently underway.

Company's Response and Cooperation

Indo Count Industries has confirmed that it is extending full cooperation and assistance to the tax authorities during the inspection process. The company has maintained transparency in its dealings with the regulatory officials and is facilitating the review as required under the applicable regulations.

Impact Assessment on Operations

The company has categorically stated that the GST inspection will not affect its financial position, business operations, or other activities. This assurance indicates that the company's manufacturing processes, supply chain operations, and business activities continue without disruption.

Regulatory Compliance and Future Disclosures

The company has committed to making necessary disclosures in accordance with applicable regulatory requirements in the event of any material developments. Indo Count Industries filed this intimation under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, ensuring compliance with stock exchange notification requirements.