SRF Faces ₹16-Crore CGST Demand Over ITC Reversal; Company to Contest

• SRF Ltd received a ₹15.76 crore demand from CGST Commissionerate, Dehradun, for input tax credit (ITC) reversal.
• The demand, issued on December 29, also includes a penalty equivalent to the tax amount.
• Reasons for demand: ITC reversal on slump sale (exempted supply) and alleged non-filing of returns by suppliers.
• SRF's management believes the demand is not legally tenable and plans to contest it in appropriate legal forums.
• The company does not foresee any material impact on its financial or operational activities; shares dipped slightly.

Why It Matters: SRF will challenge the ₹16-crore CGST demand, asserting no material financial impact.