AYM Syntex Receives GST Show Cause Notice for ₹2.31 Crore

AYM Syntex Ltd has received a Show Cause Notice (SCN) from the Deputy Commissioner of State Tax, Thane Audit, Department of GST. The notice, issued under Section 73(1) of the CGST/MGST Act, 2017, pertains to the Financial Year 2022-23 following GST audit proceedings. The SCN proposes a total demand of ₹2,31,85,885/-, comprising tax of ₹1,16,66,378/-, interest of ₹1,00,25,137/-, and penalty of ₹14,94,370/-. The objections include issues related to delayed payments, credit notes, RCM on import of services, ineligible ITC, ITC reversal, and disallowance of ISD credit. The company states there is no immediate financial impact and is evaluating the SCN with tax advisors to file a detailed reply within the prescribed timelines, pursuing all available legal remedies.