📈 Live Market Tracking
AI-Powered NSE Corporate Announcements Analysis
Everest Industries Receives GST Show Cause Notice for Rs 1.33 Crore
Everest Industries Limited has received a Show Cause Notice (DRC 01) from the GST Department, Jabalpur, for the financial year 2022-23. The total demand amounts to Rs 1.33 crore, which includes a tax demand of Rs 80.96 lakh, interest of Rs 43.72 lakh, and a penalty of Rs 8.10 lakh. The notice pertains to alleged discrepancies in Input Tax Credit (ITC) claims and short payment under the Reverse Charge Mechanism (RCM). The company believes it has strong legal grounds and expects no material impact on its financial or operational activities.
Key Highlights
Total demand of Rs 1.33 crore raised by the Deputy Commissioner of State GST, Jabalpur.
The demand includes Rs 80,95,982 in tax, Rs 43,71,829 in interest, and Rs 8,09,598 in penalty.
Discrepancies cited include excess ITC claimed in GSTR 3B vs 2A/2B and short GST paid under RCM.
The notice pertains specifically to the financial year 2022-23.
Management states there is no material impact on the company's operations or financials at this stage.
💼 Action for Investors
No immediate action is required as the financial implication is negligible relative to the company's scale. Investors should monitor for any final adjudication orders that might confirm the liability.