BGR Energy Systems Limited has informed the Exchange that the company has received Demand Order
BGRENERGY · price
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BGR Energy Systems has received a demand order of about Rs. 4.46 crore from the Assistant Commissioner of State Tax, Vyara, Gujarat, under Section 74 of the GST Act, 2017. The order relates to alleged differences between turnover reported in GSTR-3B and GST-TDS turnover in GSTR-7 for FY 2018-19, FY 2022-23 and FY 2023-24. The total demand of Rs. 4,46,12,588 comprises tax of Rs. 1.54 crore, interest of Rs. 1.38 crore and penalty of Rs. 1.54 crore. The tax authorities have alleged suppression of facts and wilful misstatement to evade tax, but the company denies wrongdoing and says it will file an appeal. The company has stated there will be no major impact on its operations.
The Rs. 4.46 crore demand is small relative to the company's size and is unlikely to hurt operations, but it may create short-term negative sentiment among investors until the appeal is resolved. Outcome of the appeal remains a key thing to watch.