JSW Dulux appeal order annuls GST demand of INR 1.58 Cr

JSW Dulux Ltd received an appeal order dated July 13, 2026, annulling a GST demand of INR 1.58 Cr for the period 2020-21. The Joint Commissioner of Commercial Taxes (Appeals)-5 Bangalore, Karnataka GST Department, revised the demand amount to zero, providing relief to the company. The original demand, issued on March 3, 2025, had disallowed input tax credit under Section 74 of the CGST Act, 2017.

The Karnataka GST Department had initially demanded a total payment of INR 1,57,91,107, comprising tax of INR 82,95,827, interest of INR 58,36,114, and a penalty of INR 16,59,166. In response, the company filed an appeal along with supporting documents within the specified timeframe. The appellate authority reviewed the submission and ruled in favor of the company.

The appeal order confirms that the revised demand amount is zero, effectively nullifying the original Demand Notice. This resolution concludes the litigation related to the GST demand for the financial year 2020-21. The company had earlier disclosed the pending litigation on March 3, 2025, in compliance with SEBI regulations.

The following table details the components of the original demand and the outcome of the appeal:

Component	Amount (INR)
Tax	82,95,827
Interest	58,36,114
Penalty	16,59,166
Total Demand	1,57,91,107
Revised Demand	0

The update was submitted to the stock exchanges pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that there is no material impact on its financial position following the settlement of the proceedings.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+2.45%	+5.72%	-6.59%	+3.69%	-17.22%	+34.58%

JSW Dulux shareholders have appointed M/s. Deloitte Haskins & Sells LLP as the statutory auditor for a five-year term from FY 2026-27 to FY 2030-31. The appointment was approved during the 72nd Annual General Meeting (AGM) held on July 10, 2026, based on the recommendation of the Audit Committee and the Board of Directors. The resolution received the requisite majority as per the Scrutinizer's Report dated July 11, 2026.

The AGM also confirmed the declaration of a final dividend of ₹50 per equity share for the financial year ended March 31, 2026. This is in addition to the interim dividend of ₹156 per share already paid. Shareholders approved the re-appointment of two directors, Mr. Krishna Rallapalli and Mr. Rohit Ghanshyamdas Totla, who retire by rotation.

Voting Results Summary

Resolution	Votes For	Votes Against	% For	% Against
Adoption of Financial Statements	39,101,663	3	99.9999	0.0001
Dividend Declaration	39,124,130	3,119	99.9920	0.0080
Re-appointment of Mr. Krishna Rallapalli	39,070,506	31,490	99.9195	0.0805
Re-appointment of Mr. Rohit Ghanshyamdas Totla	39,072,296	29,700	99.9240	0.0760
Appointment of Statutory Auditor	39,101,282	724	99.9981	0.0019
Ratification of Cost Auditor Remuneration	39,101,903	103	99.9997	0.0003

The remote e-voting process was conducted from July 7, 2026, to July 9, 2026, with the record date set as July 3, 2026. The meeting was attended by 70 shareholders via video conferencing, including one from the promoter group and 69 from the public. The voting results were scrutinized by M/s. A. K. Labh & Co., Company Secretaries.