Reliance Industries has received a penalty order from tax authorities imposing a fine of ₹1.11 crore under the Goods and Services Tax (GST) framework. The company disclosed this development through a regulatory filing under Regulation 30 of SEBI's Listing Obligations and Disclosure Requirements Regulations, 2015.

Penalty Details and Allegations

The penalty order was issued by the Deputy Commissioner of State Tax, Jamnagar. The order imposes the penalty under Section 73 of the Central Goods and Services Tax Act, 2017, the Gujarat Goods and Services Tax Act, 2017, and applicable provisions of the Integrated Goods and Services Act, 2017.

The order alleges incorrect availment of input tax credit by the company. Input tax credit is a mechanism under GST that allows businesses to claim credit for taxes paid on inputs used in the production of goods or services.

Company's Response and Impact

Reliance Industries has stated its intention to file an appeal against the penalty order, indicating the company disputes the allegations.

Regarding the financial and operational impact, the company has clarified that the financial impact is limited to the extent of the penalty levied. Importantly, Reliance Industries has confirmed that there is no impact on operations or other activities due to this order.

Regulatory Compliance

The disclosure was made in compliance with securities regulations, with notifications sent to both BSE Limited and National Stock Exchange of India Limited. The company also informed international exchanges including Luxembourg Stock Exchange and Singapore Exchange Limited, reflecting its global listing presence.

This development represents a regulatory matter that Reliance Industries is addressing through appropriate legal channels while maintaining normal business operations.

Reliance Industries announced the reaffirmation of its credit ratings by India Ratings and Research Private Limited. The rating agency maintained its positive assessment of the company's financial position across multiple debt instruments.

Credit Rating Details

India Ratings and Research Private Limited reaffirmed the following credit ratings for Reliance Industries:

The IND AAA rating represents the highest credit quality with the lowest credit risk, while the stable outlook indicates the rating agency expects the company's credit profile to remain steady in the near term.

Regulatory Compliance

Reliance Industries communicated this rating reaffirmation to multiple stock exchanges as part of its regulatory obligations under Regulation 30. The company notified:

• BSE Limited
• National Stock Exchange of India Limited
• Luxembourg Stock Exchange
• Singapore Exchange Limited

Significance of Rating Reaffirmation

The reaffirmation of the IND AAA credit rating reflects India Ratings' continued confidence in Reliance Industries' strong financial position and ability to meet its debt obligations. This rating enables the company to access capital markets at competitive rates for its bank loan facilities and commercial paper programs.

The stable outlook suggests that the rating agency does not anticipate any significant changes to the company's credit profile in the immediate future, providing certainty to investors and lenders about the company's creditworthiness.