This intimation is with reference to our intimation dated June 26, 2025 regarding the receipt of Show Cause Notice from the Assistant Commissioner (Anti- Evasion) of Central Goods & Service Tax, Commissionerate Dehradun, Uttarakhand.We wish to inform you that the Company had replied to the said SCN and after hearing the case, the Company has received an order from CGST, Roorkee on December 23, 2025 at 3:49 p.m. (IST). Pursuant to the said order, the Tax demand has been reduced by Rs. 47,81,459/- and thus, the tax demand of Rs. 63,85,585/- now stands reduced to Rs. 16,04,126/- under Section 74 & Section 122 of CGST / UK GST Act, 2017. Further, the penalty has been reduced by Rs. 25,37,410/- and thus, the Penalty of Rs. 41,41,536/- now stands reduced to Rs. 16,04,126/- under Section 74 & Section 122 of CGST / UK GST Act, 2017. The Company is planning to contest the said order for the tax demand of Rs. 16,04,126/- and penalty of Rs. 16,04,126/-.
EVERESTIND · price
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Everest Industries received an order from CGST, Roorkee on December 23, 2025, partially reducing its tax and penalty demand originally raised via a Show Cause Notice. The tax demand was cut from Rs. 63.86 lakh to Rs. 16.04 lakh (a reduction of Rs. 47.81 lakh), and the penalty was cut from Rs. 41.42 lakh to Rs. 16.04 lakh (a reduction of Rs. 25.37 lakh). The matter pertains to Sections 74 and 122 of the CGST/UK GST Act, 2017. The company has stated it plans to further contest the remaining demand of Rs. 16.04 lakh each towards tax and penalty.
This is a positive development for shareholders as the original demand has been substantially reduced, but a contested liability of around Rs. 32 lakh still hangs over the company. The financial impact is relatively minor and unlikely to materially affect the stock price.