To inform that company has received show cause notice.
BHAGYANGR · price
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Bhagyanagar India Limited has received a show cause notice from the Directorate General of GST Intelligence (DGGI), Hyderabad Zonal Unit, alleging irregular availment of Input Tax Credit (ITC) under the CGST Act, 2017. The notice proposes a tax liability of Rs. 17.50 crores along with interest, applicable to both the company and its Managing Director, Shri Devendra Surana. The company has already paid Rs. 17.50 crores towards the tax liability under protest. The company states it will file a reply within prescribed timelines and believes the facts and legal precedents are in its favour. The notice was received on 26th May 2026 and filed with exchanges on 27th May 2026.
This is a tax compliance matter from GST authorities rather than a securities regulation issue. The company claims no impact on financial or operational activities since the amount has already been paid under protest. However, it signals regulatory scrutiny on tax compliance which could create reputational concerns.