Asian Energy Services Limited has informed the Exchange about intimation received in Form GST DRC-01A from State Tax Officer Ghatak 57(Surat) Range 15 Division 7, Gujarat

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Nifty Microcap 250market · in no size index; the smallest one is used+1.6%+4.1% vs market

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AI summary

Asian Energy Services Limited has received a GST intimation in Form DRC-01A from the State Tax Officer, Ghatak 57 (Surat), Gujarat, raising a total demand of ₹46.17 lakhs for FY 2021-22. The demand includes the base tax amount along with interest of ₹17.08 lakhs and penalty of ₹2.82 lakhs, alleging short payment of taxes and excess utilisation of Input Tax Credit (ITC). The company received the communication via email on 13th May 2025 and has stated there is no material impact on its financial or operational activities. The company plans to respond within the prescribed timeline, believes the demand is unwarranted, and is confident it will be reversed upon due consideration.

Likely market impact

The demand is small relative to typical company operations and management has stated no material financial or operational impact. However, if the demand is upheld after the response process, it could result in a cash outflow of up to ₹46.17 lakhs plus any further interest or penalties, and a prolonged dispute could create minor overhang on the stock.