Excel Industries Limited has informed the Exchange about Action(s) taken or orders passed
EXCELINDUS · price
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Excel Industries has received Show Cause cum Demand Notices from the Office of the Principal Commissioner of CGST & Central Excise Audit – III, Mumbai, raising a demand of Rs. 4,06,11,539 (approximately Rs. 4.06 crore) plus applicable interest and penalty. The notices relate to the period from FY2019-20 to FY2022-23 and primarily concern alleged non-payment of GST under the Reverse Charge Mechanism (RCM) on certain transactions and disallowance of Input Tax Credit (ITC) claimed by the company. The company has stated there is no material impact on its financial or operational activities and believes the notice lacks merit. It plans to file a detailed reply with supporting evidence within the prescribed timelines to contest the demand.
The Rs. 4.06 crore demand is relatively small for the company and management sees no material financial impact; however, investors should watch for the outcome of the company's reply, as an adverse order could lead to additional interest and penalty liabilities.