Legal1 April 2026 at 01:11 pm
Shri Gang Industries Faces Rs. 34 Crore Tax Demand Notice; Evaluating Legal Options
AI Summary
Shri Gang Industries & Allied Products Ltd. has received a tax demand notice under Section 9(2) of Central Sales Tax, 1956 and Section 28(2)(ii) of UP VAT Act from the Deputy Commissioner, State Tax, Sikandrabad, Uttar Pradesh. The total demand stands at approximately Rs. 34 crore (Rs. 65,45,526.04 under Central Sales Tax and Rs. 27,51,17,663 under UP VAT Act) for the Financial Year 2022-23. The Company disputes the assessment, which has been done by charging higher rate of VAT/CST on the products sold. Shri Gang Industries is currently evaluating all options, including filing an appeal against the order. The Company does not foresee any adverse impact on financials, operations, or other activities.
Key Highlights
- Shri Gang Industries received a tax demand notice of approximately Rs. 34 crore
- The demand includes Rs. 65,45,526.04 under Central Sales Tax and Rs. 27,51,17,663 under UP VAT Act
- The assessment has been disputed by the Company for charging higher rate of VAT/CST on products sold
- Shri Gang Industries is evaluating legal options, including filing an appeal against the order
- No adverse impact on financials, operations, or other activities is expected by the Company