Aditya Birla Group’s Grasim Industries Ltd confirmed that its cellulosic fashion yarn business marketing office and depot in Salem, Tamil Nadu, were subjected to a Goods and Services Tax (GST) inspection by the State Tax Officer (Intelligence), Salem on January 22, 2025.
Following the search, an order was passed on January 25, 2025, under Section 67 of the Tamil Nadu Goods and Services Tax Act, 2017, leading to the seizure of specific depot records. The investigation reportedly stemmed from alleged discrepancies between records available on the GST portal and those provided by the company.
In a regulatory filing with stock exchanges, Grasim Industries acknowledged the inspection and stated that the matter does not materially impact its financials, operations, or other business activities. The company clarified that the delay in disclosure was unintentional, and the matter was promptly reported once it came to the attention of the appropriate executives.
As of January 29, 2025, at 1:25 PM, Grasim Industries Ltd shares were trading at ₹2,451.85, up ₹40.55 (1.68%) for the day. While the stock has gained 16.51% over the past year, it has declined by 13.31% in the last six months.
Although the company has assured stakeholders that this development will not disrupt business operations, the inspection highlights the strict regulatory scrutiny on tax compliance in India. Investors will be watching for further updates on any potential developments related to the case.
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Published on: Jan 29, 2025, 2:32 PM IST
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