Eureka Forbes GST Liability Reduced to ₹4.5 Crore from ₹273.4 Crore

Eureka Forbes Ltd has received a favorable Rectification Order from the GST authorities, significantly reducing its alleged tax liability. The original Show Cause Notice (SCN) for the financial year 2022-23 had proposed a liability of ₹273.40 Crore. Following the rectification under Section 161 of the Uttar Pradesh Goods and Services Tax Act, 2017, the aggregate amount has been reduced to ₹4.50 Crore. This includes a revised tax of ₹3.19 Crore, interest of ₹0.99 Crore, and penalty of ₹0.32 Crore. Despite the reduction, the company maintains its view that the rectified SCN is still devoid of merits and intends to contest it comprehensively. Eureka Forbes does not anticipate any material impact on its financials or operations from this rectified notice.