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Latest filing: 2026-08-24 18:38
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Raghuvir Synthetics Receives ₹2.24 Cr GST Show Cause Notice on ITC Claims
Raghuvir Synthetics has received a Show Cause Notice and Form GST DRC-01 from the Directorate General of GST Intelligence (DGGI), Ahmedabad Zonal Unit. The notice pertains to alleged violations in the availment and utilisation of Input Tax Credit (ITC) for the period FY 2020-21 to FY 2024-25. The aggregate amount stated for tax, interest, and applicable penalty is approximately ₹2.24 crore (₹2,24,20,454). The company maintains that the ITC was legitimately availed and stated it will submit a formal reply within the prescribed timeline.
Confidence: HIGH
What changedDGGI issued an SCN demanding ₹2.24 Cr in tax, interest, and penalties regarding ITC availed between FY21 and FY25.
Why it mattersThe ₹2.24 Cr claim is material relative to the company's net worth of ₹34 Cr (~6.6%) and current loss-making run rate (TTM PAT of -₹1 Cr).
Total Demand (Tax, Interest, Penalty): ₹2,24,20,454Demand vs Net Worth: ~6.6%Demand vs TTM Revenue: ~0.88%Period Covered: FY 2020-21 to FY 2024-25
📅 Short termThe company will submit its defense to the GST department; no immediate cash outflow occurs at the SCN stage.
📈 Long termIf confirmed into a final tax order without relief, the payout would add financial pressure given the company's ₹77 Cr debt and negative TTM earnings.
⚠ Risk flags
- Potential liability of ₹2.24 Cr if contested claims are upheld by tax authorities
- Pressure on balance sheet given low profitability and net worth of ₹34 Cr
Key Highlights
Received Show Cause Notice under Section 74/74A of CGST Act on 19 August 2026
Aggregate demand of approximately ₹2,24,20,454 covering tax, interest, and penalty
Proceedings relate to 5 financial years: FY 2020-21 through FY 2024-25
Allegations center on the availment and utilisation of Input Tax Credit (ITC)
👀 What to Watch
Track subsequent disclosures on the company's reply to the SCN and any final adjudication order by the tax authorities.
Raghuvir Synthetics Receives ₹2.24 Cr DGGI Show Cause Notice on Input Tax Credit
Raghuvir Synthetics has received a Show Cause Notice and Form GST DRC-01 from the Directorate General of GST Intelligence (DGGI), Ahmedabad Zonal Unit, covering FY 2020-21 through FY 2024-25. The aggregate demand for tax, interest, and applicable penalties stands at ₹2,24,20,454 (~₹2.24 crore) regarding alleged irregularities in Input Tax Credit (ITC) availment. The potential liability represents approximately 6.6% of the company's net worth (₹34 crore) and comes while the company reported a TTM net loss of ₹1 crore. The company maintains that ITC was validly claimed and is in the process of submitting an appropriate legal response.
Confidence: HIGH
What changedDGGI issued an SCN and Form GST DRC-01 alleging wrongful Input Tax Credit claims totaling ₹2.24 crore for FY21 to FY25.
Why it mattersIf adjudicated against the company, the ₹2.24 crore liability would directly hit cash flows and balance sheet equity for a firm currently running at TTM net losses (₹-1 crore).
Total GST Demand: ₹2,24,20,454Demand vs Net Worth: ~6.6%Demand vs TTM Revenue: ~0.88%Relevant Period: FY 2020-21 to FY 2024-25
📅 Short termNeutral to mildly cautious as the notice is in the show cause stage and operations remain unaffected pending reply.
📈 Long termLimited operational impact, though an adverse final order could create an incremental cash outflow and impact net worth.
⚠ Risk flags
- Tax liability crystallisation risk if adjudication goes against the company
- Extended 5-year audit review scope (FY21 to FY25)
Key Highlights
Received Show Cause Notice under Section 74/74A of CGST Act from DGGI Ahmedabad on 19 August 2026
Aggregate demand for tax, interest, and penalty quantified at ₹2,24,20,454 (~₹2.24 crore)
Audit and inquiry span 5 financial years from FY 2020-21 to FY 2024-25
Demand amount equals ~6.6% of the company's net worth of ₹34 crore
👀 What to Watch
Track the outcome of the formal response to the Show Cause Notice and any subsequent adjudication order from the GST department.
₹3.76 Cr GST Demand Intimation Received; Amount Doubles from Previous Disclosure
Raghuvir Synthetics has received a formal GST intimation (Form DRC-01A) for ₹3.76 crore concerning alleged Input Tax Credit (ITC) violations for FY 2020-21 and FY 2021-22. This amount is significantly higher than the ₹1.88 crore previously disclosed by the company in May 2025. The total demand represents approximately 11% of the company's current net worth (₹34 Cr) and is nearly four times its TTM net loss of ₹1 Cr. The company is currently seeking clarification from authorities regarding the discrepancy in the demand amount.
Confidence: HIGH
What changedA previously disclosed GST matter has escalated with a formal intimation of ₹3.76 crore, which is double the amount the company had initially reported.
Why it mattersFor a company with a small net worth (₹34 Cr) and high debt-to-equity (2.26), a ₹3.76 crore cash outflow would significantly impact liquidity and further erode its already thin capital base.
Current GST Demand: ₹3.76 CrPrevious Estimated Demand: ₹1.88 CrDemand vs Net Worth: ~11.06%TTM Net Loss: ₹-1 CrDebt-to-Equity Ratio: 2.26
📅 Short termThe stock may face pressure as the market digests a potential liability that exceeds the company's annual earnings capacity.
📈 Long termIf the company successfully contests the demand, the impact will be limited; however, persistent regulatory disputes in a low-margin textile business are a structural concern.
⚠ Risk flags
- Materiality of demand relative to net worth
- High debt-to-equity ratio
- Discrepancy in reported liability amounts
- Ongoing net losses
Key Highlights
Total demand of ₹3.76 crore includes tax, interest, and applicable penalties for FY21 and FY22.
The demand amount has increased by 100% compared to the previous disclosure of ₹1.88 crore.
The dispute centers on the availment and utilization of Input Tax Credit (ITC) under Section 74(5) of the CGST Act.
The ₹3.76 crore liability is material, representing ~11% of the company's ₹34 crore net worth.
Company reported a TTM net loss of ₹1 crore, making this demand a significant financial headwind.
👀 What to Watch
Investors should monitor for further updates regarding the clarification from GST authorities and whether this leads to a formal Show Cause Notice or a reduction in the demand amount.
