Gujarat State Petronet Revises Assessed Income To ₹1,435 Crore After Tax Rectification Order

Gandhinagar: Gujarat State Petronet has received a tax update that adjusts earlier calculations, but without affecting its financial position.

Revises Tax Assessment

Gujarat State Petronet Limited informed exchanges that it has received a rectification order under Section 154 of the Income Tax Act, 1961. The order, issued by the Assistant Commissioner of Income Tax, Gandhinagar Circle, revises the assessed income for the assessment year 2024-25 to Rs 1,435 crore, down from Rs 1,683 crore determined earlier.

Follows Earlier Order

The rectification order updates the original assessment issued on March 23, 2026, under Section 143(3) read with Section 144B of the Income Tax Act. According to details outlined in the annexure on page 2 of the filing, the revised computation corrects the assessed income figures without introducing any new compliance issues or violations. The company received the rectification order on April 10, 2026.

No Financial Impact

Despite the change in assessed income, the company stated that the financial impact of the rectification is nil. This indicates that the adjustment is largely procedural or computational rather than resulting in additional tax liability or refunds that would materially affect financial statements. The filing explicitly notes that there are no violations or contraventions associated with the order.

Maintains Operational Stability

The absence of financial or operational impact suggests that Gujarat State Petronet’s business activities remain unaffected by the tax revision. The company continues to operate normally, with the update limited to regulatory compliance and reporting. Such rectification orders are typically issued to correct computational discrepancies and ensure alignment with tax provisions. The rectification provides clarity on the company’s tax assessment for FY24, with Gujarat State Petronet maintaining that the revision does not alter its financial or operational outlook.

Disclaimer: This article is based solely on the contents of the company’s regulatory filing dated April 10, 2026, and does not include information from external sources or independent verification.