Mukesh Ambani-owned Reliance Industries has been fined by the GST authorities. The Joint Commissioner of Central Goods and Services Tax (CGST) has imposed a penalty of ₹56.44 crore on Reliance Industries. This was announced by Reliance on Friday. The GST authorities have alleged that Reliance Industries Ltd has paid less tax; as a result, this fine has been imposed on the company. Recently, Reliance shared this information in an exchange filing.
Mukesh Ambani's company will appeal to the higher authorities against the tax penalty imposed by the GST. The penalty has been imposed under Section 74 of the Central Goods and Services Tax Act, 2017. The notice is for tax discrepancies during the period from July 1, 2017 to January 24, 2018.
Mukesh Ambani's company has said that the GST penalty will not affect the business of Reliance Industries. Reliance Industries has businesses in various fields. The company's operations will not be disrupted due to the tax notice. After this news came to light, there has been no negative impact on the share price of Reliance Industries. On Friday, the price of RIL rose by 0.89% and reached ₹1,577 per share.
