Flair Writing Industries Limited has announced the dropping of proceedings initiated under Section 74 of the CGST Act, 2017, for the Financial Year 2017-18. The company had initially received an order disallowing Input Tax Credit (ITC) and raising a demand for IGST amounting to ₹14,65,271, along with an equivalent penalty of ₹14,65,271. Following the submission of necessary documents and a detailed reply to the appropriate authority, the proceedings have now been dropped. Consequently, the company is not liable to pay any tax or penalty in this matter. The Office of the Additional Commissioner of CGST & C. Ex., Mumbai East Commissionerate, issued the order to this effect. The company has stated that this development has no material impact on its financials, operations, or other activities.
