Reliance to Contest Rs 56.44 Crore GST Penalty

Reliance Industries, led by Mukesh Ambani, has received a penalty of Rs 56.44 crore from the GST authorities.

The penalty is related to the input tax credit claimed by the company, which the authorities say should be treated as blocked credit.

Reliance has stated that it will appeal against this order.

The company has clarified that this penalty does not affect its business operations.

The order was issued by the Joint Commissioner of CGST in Ahmedabad on November 25.

Reliance believes the penalty was imposed without considering the classification of services provided by the service provider, which is important for determining the eligibility of the input tax credit.