Superintendent, Range - V, Division - I, CGST & C.Ex, Thane Commissionerate imposed penalty on SRF Limited. During 2019-20, the Engineering Plastics Business of the Company was sold on a slump sale basis. Business Slump sale is not subject to tax under the GST law. Department alleged that ITC credit to the tune of INR 1,862,930 on stock of the said business is required to be reversed. The department has raised a demand of INR 1,862,930 plus interest as may be determined in accordance with applicable provisions and penalty of INR 186,293. Penalty imposed under Section 122(2)(a) of the Central Goods and Services Tax Act, 2017: INR 186,293. Company would be filing an appeal before the appropriate forum against this order.