ACME Solar Holdings Ltd Receives Show-Cause Notice from GST Department for Alleged GST Short Payment

ACME Solar Holdings Ltd has received a Show-Cause cum Demand Notice (SCN) from the Office of the Directorate General of Goods & Services Tax Intelligence, Jaipur Zonal Unit, Jaipur, Rajasthan, alleging short payment of GST on supply of goods and services related to solar power generating system for the period April 2021 to March 2025. The demanded amount, including applicable interest and penalty, is approximately Rs. 149.73 Crores. The Company is reviewing the SCN with its tax and legal advisors and intends to contest the matter before appropriate forums. The Company does not expect any immediate financial or operational impact on account of the SCN.