UP GST demand slashed from Rs. 273 Cr to Rs. 4.5 Cr
EUREKAFORB · price
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Eureka Forbes received a favorable Rectification Order from UP GST authorities under Section 161 of the UP GST Act for FY 2022-23. The earlier Show Cause Notice alleging a total liability of Rs. 273.40 crore (tax Rs. 149.21 Cr, interest Rs. 109.27 Cr, penalty Rs. 14.92 Cr) has been revised down to just Rs. 4.50 crore (tax Rs. 3.19 Cr, interest Rs. 0.99 Cr, penalty Rs. 0.32 Cr). The company says it still plans to contest the rectified demand, calling it without merit, and expects no material impact on financials or operations.
Big relief on the tax demand, reducing the potential liability by over 98 percent; minimal hit to financials expected.