SFStallion India Fluorochemicals544342Tax or GST

GST inspection and search at Mumbai registered office; ITC reversals done, tax and interest paid

GST officials conducted an inspection and search under Section 67 of the MGST Act, 2017 at the Mumbai registered office from October 9 to October 14, 2026.

By ScoutQuest · Thu 15 Oct 2026, 6:12 PM IST · 2 min read

GST Action

inspection and search under Section 67 of the MGST Act, 2017 at the Mumbai registered office

Inspection Period

from October 9 to October 14, 2026

Action Taken

ITC-related observations were addressed, tax and interest liability paid

What the company disclosed

Stallion India Fluorochemicals Limited informed the exchanges that an inspection and search proceeding under Section 67 of the Maharashtra Goods and Services Tax Act, 2017 was initiated by Maharashtra State GST officials at its registered office in Mumbai.

The company stated that it extended its cooperation with the officials and provided the necessary information and documents.

• Authority named: Assistant Commissioner of State Tax, Investigation-C, Mumbai, Maharashtra.
• Nature of action: inspection and search proceedings under Section 67 of the Maharashtra Goods and Services Tax Act, 2017.
• The proceedings commenced on October 9, 2026 and concluded on October 14, 2026.
• The company says all compliances were voluntarily complete and all reversals and payments have been done.

What was identified during the investigation

During the course of the investigation, the following matters relating to Input Tax Credit (ITC) were identified:

• Inadmissible ITC availed on Offer for Sale (OFS) related expenses under Section 17(2) of the MGST Act, 2017 — this has been reversed.
• Ineligible ITC on rights issue expenses: ITC attributable to another State (Rajasthan), alleged to be ineligible under Section 20 of the MGST Act, 2017.
• ITC pertaining to a cancelled supplier — liability arising in respect of that ITC.
• ITC distribution through the Input Service Distributor (ISD) mechanism under Section 20 of the MGST Act, 2017 — proper distribution has been undertaken and the ITC previously availed has been reversed.
• Blocked ITC: ITC availed in GSTR-3B, alleged to be inadmissible under Section 17(5) of the MGST Act, 2017.

What the company says about the impact

• It has taken appropriate steps to address the observations raised by the GST authorities.
• It has paid the tax and interest liability communicated in connection with the proceedings.
• It does not anticipate any material impact on its ongoing operations or other business activities.
• The matters primarily relate to ITC adjustments and rectifications, a major part of which is revenue-neutral, subject to the applicable tax treatment.

How a retail investor can read this

An inspection or search under GST law is an action initiated by the tax authority. The disclosure sets out what the authority examined and what the company did in response — here, reversals of ITC and payment of the tax and interest liability communicated.

The company's own stated position is that the matters are largely ITC adjustments and rectifications and that no material impact on operations or other business activities is anticipated. The same section notes that a major part of the matters is revenue-neutral, subject to the applicable tax treatment.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.

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