This intimation is with reference to our intimation dated May 30, 2025 regarding the receipt of Show Cause Notice from the Office of Deputy Commissioner of State Goods and Service Tax, Jabalpur Division, Madhya Pradesh. 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 Deputy Commissioner of State Tax, Jabalpur on December 29, 2025 at 2:51 p.m. (IST). Pursuant to the said order, the erstwhile demand of Rs. 8,26,59,694/- (Tax demand - Rs. 2,58,31,923/-, Interest - Rs. 3,09,95,848/- & Penalty - Rs. 2,58,31,923/-) has been reduced by Rs. 8,26,07,908/- (Tax demand Rs. 2,58,31,923/-, Interest Rs. 3,09,94,062/- & Penalty Rs. 2,57,81,923/-). Hence, there is no tax demand and the Interest of Rs. 1,786/- and Penalty of Rs. 50,000/- as per the order will be paid by the Company.
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Everest Industries informed exchanges that the Deputy Commissioner of State Tax, Jabalpur has passed an order on December 29, 2025 on the GST Show Cause Notice the company had received earlier. The original demand of Rs. 8.27 crore (including tax of Rs. 2.58 crore, interest of Rs. 3.10 crore, and penalty of Rs. 2.58 crore) has been almost entirely set aside. The tax demand stands at nil, with the company only required to pay a nominal interest of Rs. 1,786 and a penalty of Rs. 50,000. This is a major relief compared to the original exposure.
Positive for shareholders — a potential Rs. 8.27 crore tax liability has been effectively nullified, protecting the company's earnings and cash flows. The negligible final payout of about Rs. 51,786 is unlikely to have any meaningful impact on the stock price.