Announced Sat, 25 Jul · 14:35 IST
Everest Industries receives GST show cause notice over Rs 1.36 crore demand
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EVERESTIND · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Price reaction · full curve 14 horizons · vs prior close
—1-day move
₹525.95
prior close
₹543.40
base price
After-mkt
timing
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—-3.9-2.5———————————
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AI summary
Everest Industries received a show cause notice from the GST Department, Kurukshetra, for a Rs 1.36 crore tax demand covering FY 2020-21 to 2023-24. Issues include alleged ineligible input tax credit claims on hotel and accommodation expenses, and short-payment of GST under reverse charge on freight and security services. The company states no material financial or operational impact and plans to defend its case.
Likely market impact
Minor concern as Rs 1.36 crore demand is small relative to company size. Company will contest; unlikely to materially affect financials.