1. Additional details pursuant to Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13,2023, were already attached with the covering letter as Annexure ll. Same attachment is ....
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Awaiting price reaction for this filing.
Ghushine Fintrrade Ocean Ltd received a summons from the CGST (Central GST) Superintendent in Surat under Section 70 of the CGST Act, 2017, dated May 27, 2025, asking the company to appear on June 2, 2025. The summons seeks sales, purchase, invoice, and E-way Bill data related to a third-party taxpayer called M/s Decent Trading & Exim, and advises the company to reverse Input Tax Credit (ITC) along with applicable penalty and interest, and file payment details via DRC-03. The company filed its intimation to BSE late on June 16, 2025, and explained the delay was due to directors being occupied compiling historical data demanded by the tax authority. BSE had flagged the late filing and missing SEBI-mandated disclosure details, to which the company responded by attaching the missing Annexure II and requesting leniency.
The matter is at a preliminary inquiry stage with no specific violation alleged yet, so there is no immediate quantifiable financial impact. However, there is a potential risk of ITC reversal, penalty, and interest liability linked to transactions with M/s Decent Trading & Exim, which could affect the stock negatively if it escalates. Shareholders should watch for further updates on the GST inquiry outcome.