Flair Writing Industries Limited has informed the Exchange about General Updates - under Reg 30 of SEBI (LODR) Regulations 2015
FLAIR · price
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Flair Writing Industries has received a show cause notice from the Office of the Assistant Commissioner of CGST, Mumbai East, for the financial year April 2019 to March 2020. The notice under Section 74 of the CGST Act alleges a tax demand of Rs. 1.46 crore, split equally between tax (Rs. 73.14 lakh) and penalty (Rs. 73.14 lakh). The company plans to file an appeal challenging the order on what it calls strong merits. Management has clarified that there is no material impact on the company's financials, operations, or other activities, with any financial hit limited to the final tax liability plus interest and penalty, if applicable.
The notice amount of Rs. 1.46 crore appears modest relative to typical company operations, and the company is actively contesting it, so near-term impact should be limited. However, an adverse appeal outcome could lead to additional financial outflow including interest and further penalties, which shareholders should keep an eye on.