Tax & Penalty25 Sept 2026, 04:29 pm
Everest Industries Receives ₹13.34 Cr GST Show Cause Notice
AI Summary
Everest Industries Ltd has received a show cause notice (DRC 01) from the Deputy Commissioner of State Tax, Nashik, Maharashtra, under Section 73(1) of the CGST Act, 2017 & MGST Act, 2017. The notice, dated September 24, 2026, pertains to the financial year 2022-23 and raises concerns regarding excess Input Tax Credit (ITC) availed, short liability declared, and outward tax liability discharge discrepancies. The total demand proposed is ₹13,34,35,202/-, comprising tax, interest, and penalty. The company believes it has strong legal grounds and expects no material financial impact, as it prepares its defense.
Key Highlights
- Received GST show cause notice for FY 2022-23.
- Total demand of ₹13.34 Cr includes tax, interest, and penalty.
- Discrepancies cited in ITC, liability declaration, and e-way bill data.
- Company confident in its defense, expects no material financial impact.
Price Impact
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