CGST proceedings dropped for FY 2017-18, no tax or penalty liability

Regulatory & Legal View source PDF Explain this filing

FLAIR · price

Loading chart…

▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Price reactionminutes from the announcement price · days from the prior close

+2.4%Reaction day

₹304.55

prior close

₹305.00

announcement price

After-mkt

timing

Nifty Microcap 250market · in no size index; the smallest one is used+2.6%-0.2% vs market

Stationary peers, median of 7sector+1.4%+1.0% vs sector

On the reaction day the stock moved 0.2 pts less than Nifty Microcap 250 and 1.0 pts more than its Stationary peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

-0.2

10m

-0.1

15m

-0.2

30m

+1.1

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

+2.4+2.6-0.2+1.4+1.0

Next day

+0.5+3.6-3.1+2.0-1.5

+1.5+3.1-1.6+2.5-1.0

+5.5+2.6+3.0+2.5+3.0

+6.1+1.1+5.0+3.7+2.4

+5.2+0.3+4.9-0.6+5.9

+5.1+1.6+3.5-2.5+7.6

15d

+2.4-3.9+6.4-8.5+11.0

-0.7-8.1+7.4-12.9+12.3

+0.3-3.1+3.4-2.8+3.2

+10.6+9.2+1.4-4.3+14.8

UpDownMarket · Nifty Microcap 250Sector · Stationary peers, median of 7Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

Flair Writing Industries informed exchanges that proceedings under Section 74 of the CGST Act, 2017 for FY 2017-18 have been dropped. Originally, an IGST demand of Rs 14.65 lakh plus an equal penalty was raised on the company. After submitting documents and a detailed reply, the Additional Commissioner of CGST, Mumbai East, dropped the proceedings. The company now has no tax or penalty liability in this matter and confirms no material financial impact.

Likely market impact

Positive outcome for shareholders; removes an earlier demand of about Rs 29 lakh, with no material financial impact.