Everest Industries Limited has informed the Exchange about the receipt of Show Cause Notice from GST Department
EVERESTIND · price
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On the reaction day the stock moved 1.6 pts more than Nifty Microcap 250 and 1.4 pts more 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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Everest Industries has received a Show Cause Notice (DRC 01) from the Assistant Commissioner of Central GST, Roorkee, for financial year 2021-22. The notice flags excess Input Tax Credit (ITC) claimed in GSTR 3B versus GSTR 2A, mismatches in tax amounts versus GSTR 1 and outward e-way bills, and ITC claimed on invoices from suppliers who had not filed GSTR 3B returns. The proposed tax demand totals Rs. 1,73,07,714 (approximately Rs. 1.73 crore), split across IGST, CGST, and SGST. The company has stated that there is no material impact on its financial, operational, or other activities, and it plans to contest the notice with strong legal and factual grounds.
The demand size (~Rs. 1.73 crore) is relatively small compared to typical company operations and the company has explicitly said there is no material impact. Short-term stock reaction is likely to be muted, but investors should watch for the outcome of the company's response and any future adjudication proceedings.