Nuvoco Vistas Subsidiary Receives ₹15.41 Cr Tax Notice

Nuvoco Vistas Corporation Ltd announced that its wholly-owned subsidiary, NU Vista Limited, has received a Show Cause Notice from the Joint Commissioner, CGST, Durgapur Audit Commissionerate. The notice proposes denial of input tax credit for various inputs including civil construction and toll charges, and also proposes denial of reduction in output tax liability from credit notes for sales returns and post-sale discounts. The proposed demand pertains to four financial years (FY 2020-21 to FY 2023-24) and amounts to ₹15.41 crores. The company believes it has sufficient evidence to support its position and expects no major financial impact.