GST demand of Rs 121.32 crore received from Ahmedabad tax authorities

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On the reaction day the stock moved 0.5 pts more than Nifty Microcap 250 and 0.7 pts more than its Pesticides & Agrochemicals 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

Dhanuka Agritech received a GST demand order of Rs 121.32 crore from Central GST, Ahmedabad. Break-up: Rs 60.66 crore tax and Rs 60.66 crore penalty. Issue: the company classified certain products as fertilizers/bio-stimulants under HSN 3101 with 5% GST, but the authority claims these are Plant Growth Regulators under HSN 3808 liable to 18% GST. The company says the demand is not maintainable and plans to file an appeal. Management states no material impact on financials, operations or other activities.

Likely market impact

Company plans to appeal; management sees no material financial impact. Tax disputes still carry risk of an unfavourable ruling.