Nuvoco Vistas Subsidiary Receives ₹24.9 Cr Tax Demand Notice

Nuvoco Vistas Corporation Ltd announced that its wholly-owned subsidiary, NU Vista Limited, has received a show cause notice from the Assistant Commissioner, CT & GST Circle Jajpur, Odisha. The notice, received on September 30, 2026, proposes a tax demand of ₹24,98,84,511 for FY 2022-23, along with interest and a 10% penalty. The dispute arises from a proposed revision of turnover based on incorrect yield calculations and the proposed denial of input tax credit due to moisture loss in raw materials. The company believes the demand is based on incorrect calculations and legal provisions, and expects no major financial impact as they possess supporting documents and legal precedents. The company will file an appropriate reply.