AXEL POLYMERS : GST ORDER CONFIRMS RS 31.57 CR ITC DEMAND AND RS 55.06 CR PENALTY

• Order-in-Original dated 05 November 2026 passed by Additional Commissioner, Central GST & Central Excise, Vadodara-II • Adjudicating authority confirmed ITC demand of ₹31.57 Cr and penalties of ₹55.06 Cr • Order relates to alleged availment of input tax credit without physical receipt of goods and passing on ITC without actual supply during FY2021-22 to FY2024-25 • Company to challenge the order before appellate authority under Section 107 of the CGST Act, 2017, and via writ petition in the Gujarat High Court • Company does not anticipate any impact on routine business operations; financial impact subject to outcome of legal proceedings

Axel Polymers Ltd

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