Everest Industries gets GST show cause notice for Rs 13.34 crore

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EVERESTIND · price

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Price reactionminutes from the announcement price · days from the prior close

-1.9%Reaction day

₹430.00

prior close

₹429.95

announcement price

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Nifty Microcap 250market · in no size index; the smallest one is used-1.6%-0.3% vs market

Other Construction Materials peers, median of 14sector+0.9%-2.7% vs sector

On the reaction day the stock moved 0.3 pts less than Nifty Microcap 250 and 2.7 pts less than its Other Construction Materials peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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Reaction day

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Next day

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UpDownMarket · Nifty Microcap 250Sector · Other Construction Materials peers, median of 14Pending

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AI summary

Everest Industries received a show cause notice from the Maharashtra GST Department for FY 2022-23 over excess ITC claims, short liability declarations, and e-way bill mismatches. Total proposed demand is Rs 13.34 crore, split into Rs 7.32 crore tax, Rs 5.29 crore interest, and Rs 73.21 lakh penalty under Section 73(1) of CGST and MGST Act. The company says it has strong legal and factual grounds, will file a reply, and does not expect material financial impact at this stage.

Likely market impact

Show cause notice only, not a confirmed demand. Company plans to defend. Monitor response outcome and any further escalation.