Everest Industries Limited has informed the Exchange about the receipt of Show Cause Notice from GST Department.
EVERESTIND · price
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Everest Industries has received a Show Cause Notice from the Central GST Department (Dehradun, Uttarakhand) under Sections 74 and 122 of the CGST/UK GST Act, 2017. The dispute concerns alleged excess Input Tax Credit (ITC) claimed in GSTR 3B returns compared to GSTR 2A/2B for financial years 2018-19, 2020-21, and 2023-24. The total potential demand is Rs. 1.05 crore, comprising a tax demand of Rs. 63.86 lakh and a penalty of Rs. 41.42 lakh. The company is preparing its response within the prescribed timeline and states it has strong legal and factual grounds to defend itself.
The demand amount is small relative to the company's size and operations, and the company believes no material financial impact is likely. Shareholders may see this as a minor regulatory overhang, but it is only at the notice stage with no confirmed liability yet.