This intimation is with reference to our intimation dated June 25, 2025 regarding the receipt of Show Cause Notice from the Superintendent of Central Goods and Service Tax, Ranchi, Jharkhand.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 the Deputy Commissioner CGST, Ranchi on December 31, 2025 at 2.02 p.m. (IST). Pursuant to the said order, the Tax demand including interest has been reduced by Rs. 1,45,07,654/- and thus, the tax demand including interest of Rs. 2,11,47,871/- now stands reduced to Rs. 66,40,217/- (Tax demand Rs. 66,22,498/- & Interest Rs. 17,719/-) under section 74 & Section 50 of the Central GST Act, 2017 & SGST Act, 2017 and IGST Act, 2017. Further, the penalty of Rs. 2,11,28,933/- has been imposed. The Company is planning to contest the said order for the total demand including interest & penalty of Rs. 2,77,69,150/-.
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Everest Industries received an order on December 31, 2025 from the Deputy Commissioner of CGST, Ranchi regarding a GST matter covering the period 2018-19 to 2022-23. The original tax demand of Rs. 2.11 crore (including interest) was reduced by Rs. 1.45 crore, bringing it down to Rs. 66.40 lakh (tax of Rs. 66.22 lakh plus interest of Rs. 17,719). However, a penalty of Rs. 2.11 crore was imposed, taking the total demand including interest and penalty to Rs. 2.78 crore. Allegations include excess input tax credit claimed, ineligible/block ITC, short payment under reverse charge, and short payment of GST liability. The company plans to file an appeal and is hopeful of a favorable outcome at the appellate stage, stating it does not expect any material financial impact.
Although the original tax demand was significantly reduced, the imposition of a Rs. 2.11 crore penalty keeps total liability at Rs. 2.78 crore. The company's optimism about an appellate win limits near-term financial risk, but investors should monitor appeal progress as an adverse final outcome could affect financials.