This intimation is with reference to our intimation dated September 29, 2025 regarding the receipt of Show Cause Notice from the Deputy Commissioner of State Goods and Service Tax, Balasore, Odisha. 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 Goods and Service Tax, Balasore, Odisha on December 31, 2025 at 4:52 p.m. (IST).Pursuant to the said order, the Tax demand has been reduced by Rs. 55,66,87,545/- and thus, the tax demand of Rs. 56,06,00,928/- now stands reduced to Rs. 39,13,383/- under section 73 of the Central GST Act, 2017 & SGST Act, 2017 and IGST Act, 2017. Further, interest of Rs. 26,05,347/- & penalty of Rs. 3,91,338/- has been imposed and the Company is planning to contest the said order for the tax demand of Rs. 39,13,383/- and interest & penalty amount as mentioned above.
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Everest Industries received a GST order from the Deputy Commissioner of State Goods and Service Tax, Balasore, Odisha on December 31, 2025. The original tax demand of Rs. 56.06 crore has been reduced by Rs. 55.67 crore to just Rs. 39.13 lakh under Section 73 of the GST Acts. Additionally, interest of Rs. 26.05 lakh and a penalty of Rs. 3.91 lakh have been imposed. The company plans to contest the remaining demand along with the interest and penalty amount.
This is a significant positive outcome for shareholders, as the tax demand was slashed by over 99% from the original amount. The remaining liability of about Rs. 69 lakh (including interest and penalty) is very small relative to the original demand, though the company will continue to fight even this. Investors can expect minimal financial impact from this matter.