Everest Kanto Cylinder Limited has informed the Exchange about Order received from the Office of Deputy Commissioner GST, Lucknow.
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Everest Kanto Cylinder has received an order from the GST authorities in Lucknow raising a demand of Rs. 1.02 crore (Rs. 1,02,00,279) for FY 2021-2022. This includes Rs. 53.40 lakh in tax, Rs. 43.26 lakh in interest, and Rs. 5.34 lakh in penalty. The issue relates to a mismatch in Input Tax Credit (ITC) of Rs. 53.40 lakh that the company claims was not reflecting on the GST portal due to technical errors. The company has stated that the expected financial impact is nil, and once the Bill of Entry is reflected on the portal, it will file a rectification application or appeal. Payment has been directed by March 31, 2026.
The total demand of ~Rs. 1.02 crore is relatively small for a listed company and is largely a working capital timing issue rather than a real cash outflow. The company's claim of nil financial impact and intent to appeal suggests limited long-term damage, though investors should watch for updates on the appeal outcome.