Everest Industries Receives ₹3.89 Cr GST Show Cause Notice

Everest Industries Ltd has received a show cause notice (DRC 01) from the Deputy Commissioner of State Tax, Balasore, Odisha, under Section 74 of the CGST Act, 2017 & OGST Act, 2017. The notice pertains to alleged liabilities for FY 2020-21, including discharge of GST liabilities without interest, issuance of credit notes beyond the time limit, receipt of credit notes for inward supplies, availing blocked credit, and disallowance of Input Tax Credit. The total demand raised is Rs. 3,89,21,097/- (Tax, Interest, and Penalty). The company believes it has strong legal grounds and expects no material financial impact, as it prepares its response.