Everest Industries gets GST show cause notice worth Rs 3.89 crore
EVERESTIND · price
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Everest Industries received a show cause notice from the Odisha GST Department for FY 2020-21, demanding Rs 3.89 crore in total (Rs 1.31 crore tax, Rs 1.27 crore interest, Rs 1.31 crore penalty). Issues flagged include input tax credit claims, credit notes, reverse charge transactions, and blocked credit under Section 74 of CGST/OGST Act. The company says it has strong legal and factual grounds and will respond, expecting no material financial impact at this stage.
Early-stage tax dispute; company plans to defend. Monitor outcome of response, potential Rs 3.89 crore liability.