Panasonic Energy India faces GST demand of Rs 31.07 lakh
Panasonic Energy India Co. Ltd. received a demand order from the Assistant Commissioner Central GST and Central Excise, Vadodara, disallowing Input Tax Credit (ITC) of Rs 31,06,999. The order, received on May 27, 2026, also confirms interest and imposes a penalty of Rs 3,30,363 along with a late fee of Rs 150.
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Panasonic Energy India Co. Ltd. has received a demand order from the Assistant Commissioner Central GST and Central Excise, Vadodara, disallowing Input Tax Credit (ITC) of Rs 31,06,999. The order, received on May 27, 2026, also imposes a penalty of Rs 3,30,363 and a late fee of Rs 150, creating a financial liability for the company under the CGST and IGST Acts.
The tax authority issued the order under Section 73(1) of the CGST Act, 2017, read with Section 20 of the IGST Act, 2017. This section pertains to the determination of tax not paid or short paid for reasons other than fraud or wilful misstatement. The authority has confirmed interest under Section 50 of the CGST Act and levied the penalty under Section 122(2)(a) of the CGST Act.
Financial Implications
The order results in a total immediate financial impact comprising the disallowed ITC, the imposed penalty, and the late fee. The company disclosed that the penalty amount stands at Rs 3,30,363, while the late fee for delayed filing of GSTR 1 is Rs 150. The demand for recovery of the late fee is made under Section 47(1) of the CGST Act and SGST Act.
| Particulars | Amount |
|---|---|
| Disallowed ITC | Rs 31,06,999.00 |
| Penalty | Rs 3,30,363.00 |
| Late Fee | Rs 150.00 |
The company filed the intimation with the Bombay Stock Exchange on May 28, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was signed by Srishti Jain, Company Secretary.
Historical Stock Returns for Panasonic Energy
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.72% | +2.10% | -1.65% | -9.55% | -24.59% | +26.17% |
How will Panasonic Energy India manage the cash flow impact of this sudden Rs 34 lakh liability?
Does the company plan to appeal the order, and what are the likelihood and timeline for a potential reversal?
Could this tax dispute indicate broader compliance issues that might trigger further scrutiny from tax authorities?
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