Tax authority seeks recovery of Rs 16.69 crore in IGST refund

Regulatory & Legal View source PDF Explain this filing

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Nifty Microcap 250market · in no size index; the smallest one is used-0.3%-0.2% vs market

Pharmaceuticals peers, median of 153sector-0.4%-0.1% vs sector

On the reaction day the stock moved 0.2 pts less than Nifty Microcap 250 and 0.1 pts less than its Pharmaceuticals 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

On October 6, 2025, the Joint Commissioner of CGST and Central Excise, Mumbai East issued a show cause notice over IGST refunds claimed for exports from FY 2019-20 to 2023-24. It proposes recovering Rs 16,68,62,885, plus interest and penalties. The company plans to reply within 30 days and says the notice has no current impact on its finances or operations.

Likely market impact

If upheld, the tax demand, interest and penalties could hurt earnings and cash flow; no immediate financial or operational impact is reported.