Everest Industries Receives ₹3.17 Cr GST Show Cause Notice
Everest Industries Ltd has received a show cause notice (DRC 01) from the Assistant Commissioner of State Tax, Balasore, Odisha, under Section 73 of the CGST Act, 2017 & OGST Act, 2017. The notice pertains to the financial year 2022-23 and raises concerns regarding short payment of GST due to overstating turnover adjustment, non-permissibility of breakage credit notes, incorrect claiming of turnover discounts, excess Input Tax Credit (ITC) claimed, and ineligible ITC on blocked credits. The total demand raised is ₹3,17,49,077/-, comprising Tax (₹1,87,60,756/-), Interest (₹1,11,02,255/-), and Penalty (₹18,86,066/-). The company believes it has strong legal grounds and expects no material financial impact, as it prepares its response.
Key Highlights
- Received GST show cause notice for FY 2022-23.
- Total demand of ₹3.17 Cr includes tax, interest, and penalty.
- Concerns raised over GST adjustments, credit notes, and ITC claims.
- Company expects no material financial impact, preparing defense.
Price Impact
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