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IndiGo Calls Tax Order “Erroneous,” Cites Strong Case Backed by External Advisors
IndiGo Penalty: IndiGo announced on Tuesday that it has been fined ₹117.52 crore related to input tax credit, and the airline will challenge the decision. The penalty was imposed by the Joint Commissioner of Central Tax and Central Excise, CGST Kochi Commissionerate, Kerala. Let's learn more about it.
IndiGo said on Tuesday that the company has been fined ₹117.52 crore pertaining to input tax credit and will challenge the said decision. The Joint Commissioner of Central Tax and Central Excise, CGST Kochi Commissionerate, Kerala, imposed the fine. As per regulatory filings, the fine is for the period 2018-19 to 2021-22.
The department has disallowed the input tax credit and issued a demand order along with the penalty. The company is of the view that the order passed by the authorities is erroneous. Moreover, the company is of the opinion that its case is sound on merits based upon the advice of external tax advisors.
Furthermore, the airline stated that it will pursue the matter with the appropriate authority and that it has no material impact on its financial, operational, or other activities. The company's shares fell 1.60 percent to close at ₹5,697.70 per share.
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