Butterfly Gandhimathi Appliances Limited has informed the Exchange about Action(s) initiated or orders passed
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On the reaction day the stock moved 1.8 pts more than Nifty Microcap 250 and 2.4 pts more than its Household Appliances peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Butterfly Gandhimathi Appliances has received an order from the Joint Commissioner (Appeal) under Karnataka State GST, relating to a demand originally raised on December 30, 2023, for FY 2017-18. The demand stems from the rejection of credit notes on time-barred grounds under Section 73 of the GST Act, 2017. The company had previously appealed to the Commissioner (Appeals) and has now received an unfavorable order at the next appellate level. The potential financial impact is stated at Rs. 17,21,642. The company plans to further appeal before the GST Appellate Tribunal, citing strong legal grounds and expert advice, and expects a favorable outcome.
The monetary impact is small (around Rs. 17.22 lakhs) and unlikely to materially affect the company's financials. The matter is still being contested, so the final outcome remains uncertain but not significant for shareholders at this stage.