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Big blow to Mukesh Ambani's Reliance Industries, faces massive GST penalty of Rs...; company vows to...

Mukesh Ambani-led Reliance Industries said on Friday that it has received a penalty order of Rs 56.44 crore from the Joint Commissioner of CGST in Ahmedabad. The order, dated November 25, states that the company's input tax credit should be treated as blocked credit. Reliance, however, said the order was issued without considering how the service provider had classified the services.