Bombay Dyeing gets GST order of about Rs 6.14 crore for FY 2018-19

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BOMDYEING · price

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prior close

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Nifty Microcap 250market · in no size index; the smallest one is used+0.8%+0.9% vs market

Other Textile Products peers, median of 182sector+0.0%+1.7% vs sector

On the reaction day the stock moved 0.9 pts more than Nifty Microcap 250 and 1.7 pts more than its Other Textile 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

Bombay Dyeing received an order from the Deputy Commissioner of State Tax, Mumbai under Section 107 of MGST Act for FY 2018-19. The order raises a GST demand of Rs 1.91 crore plus interest of Rs 2.30 crore and penalty of Rs 1.91 crore, totaling about Rs 6.14 crore. This relates to GST on infrastructure charges from sale of flats. The company says operations are not impacted and plans to appeal to the GST Appellate Tribunal within the allowed timeline.

Likely market impact

A tax demand of about Rs 6.14 crore; company plans to appeal. Limited direct impact on operations.