Bansal Wire Industries gets GST show cause notice for about Rs 6.7 crore for FY24

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BANSALWIRE · price

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On the reaction day the stock moved 0.1 pts less than Nifty Microcap 250 and 0.4 pts less than its Iron & Steel Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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AI summary

Bansal Wire Industries has received a GST show cause notice for financial year 2023-24, demanding about Rs 6.70 crore in tax along with equal penalty and applicable interest. The notice, from the Joint Commissioner of SGST in Ghaziabad, relates to alleged issues with input tax credit claims and non-payment of tax on sale of RODTEP licenses. The company says the notice is without merit and plans to file an appropriate response. Similar notices for earlier years (FY18-19 to FY22-23) were resolved with negligible amounts. Company states there is no material impact on financials, operations or other activities.

Likely market impact

Company is contesting the notice. Past similar notices were resolved with negligible amounts, but outcome remains uncertain and could weigh on sentiment.