Reliance Industries was fined Rs 4.88 lakh by the Deputy Commissioner of State Tax, Jamnagar under the section 73 of the Goods and Service Act, 2017, the company announced through an exchange filing.
The fine is for the wrongful claim of refund of unutilized input tax credits of GST by the company for the period from April 2020 to October 2020 based on CIF value of exported goods. The refund is being restricted to the FOB value of the exports.
The company in the regulatory filing said that it will file an appeal against the order as the amended law cannot be applied retrospectively in the opinion of the company.
The company also said that the financial impact of the order is to the extent of the penalty levied.
The company received the order on October 7, 2023 through system generated email.
The shares of Reliance Industries on Tuesday morning at 11:40 am IST were trading at Rs 2,306.80.