Axel Polymers Receives Rs 86.63 Crore GST Demand Penalty Order

Received 5 Nov 2026 CGST Vadodara-II order confirming Rs31.57 Cr ITC demand plus Rs55.06 Cr penalties for FY22-25 alleged ITC without receipt/supply; to appeal under Sec107 and file Gujarat HC writ, sees no routine ops impact. Context: quantifies pending proposal as major escalation.