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 in Ranchi, Jharkhand covering financial years 2018-19 to 2022-23. The notice raises objections over excess Input Tax Credit (ITC) claimed, ineligible/block ITC availed, short GST paid under Reverse Charge Mechanism, short payment of GST liability versus GSTR-1 returns, and differences between GSTR-9 and GSTR-3B filings. The total demand raised is approximately Rs. 2.11 crore (Rs. 2,11,47,871), including a small interest component of Rs. 17,759. The company has stated it will file an appropriate response within the prescribed timelines and believes it has strong legal and factual grounds to defend its position.
The company has clarified there is no material impact on its financial operations or activities and does not expect the potential demand to materialize into a liability. Shareholders should monitor the outcome of the company's response, though the amount is relatively small compared to typical operations of a listed building products company.