GST demand cut sharply from Rs 202.77 cr to Rs 1.01 cr; to appeal

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₹315.00

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Nifty Microcap 250market · in no size index; the smallest one is used+2.0%-2.0% vs market

Iron & Steel Products peers, median of 93sector+1.1%-1.1% vs sector

On the reaction day the stock moved 2.0 pts less than Nifty Microcap 250 and 1.1 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

Following a Show Cause Notice for FY 2020-21, the SGST authority has sharply cut the tax demand from about Rs 202.77 crore to about Rs 1.01 crore. The revised order includes tax of Rs 34.53 lakh, interest of Rs 32.25 lakh, and penalty of Rs 34.53 lakh. The company says no material impact on financials or operations and plans to file an appeal against the reduced demand within the prescribed time limit.

Likely market impact

Major relief with demand slashed about 95 percent from Rs 203 cr to Rs 1 cr; further upside possible if the appeal succeeds.