Tax & Penalty30 Sept 2026, 05:21 pm
Prince Pipes Receives ₹65.9 Lakh GST Demand Notice
AI Summary
Prince Pipes and Fittings Ltd has received a Show Cause cum Demand Notice (Form GST DRC-01) dated September 29, 2026, from the Karnataka State Goods & Service Taxes Department. The notice pertains to the financial year 2022-23 and alleges excess outward tax in E-way Bills compared to GSTR3B, excess ITC claimed in GSTR 3B not confirmed in GSTR 2A/2B or GSTR 9, and excess claim of ineligible ITC under Section 17(5). The total demand, including tax and interest, amounts to ₹65,93,632 (₹65.93 Lakhs). The company believes the demand is not maintainable and does not anticipate any significant impact on its financials or operations. A reply will be submitted within the prescribed time limit.
Key Highlights
- Received GST Show Cause cum Demand Notice for FY 2022-23.
- Total demand including tax and interest is ₹65,93,632.
- Allegations include excess E-way bill tax and ITC claims.
- Company deems demand not maintainable, expects no financial impact.
- Reply to be submitted within the stipulated time.
Price Impact
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