In terms of Regulation 30(2), Regulation 30(13) and other applicable regulations, its Obligations and Disclosure Requirements) Regulations, 2015, together read with SEBI/HO/CFD/CFD-POD-1/P/CIR/2023/123 ....
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Awaiting price reaction for this filing.
Ghushine Fintrrade Ocean Ltd has received a summons under Section 70 of the Central Goods and Services Tax Act, 2017 from the CGST Superintendent in Surat. The summons relates to an inquiry into the company's alleged availment of Input Tax Credit (ITC) from a firm called M/s Decent Trading & Exim, which the GST department considers non-existent. The company is required to appear before the officer on June 11, 2025, and produce purchase invoices, e-way bills, transporter details, LR copies, account ledgers, and bank statements related to transactions with this supplier. The company has clarified that the summons does not yet allege any specific violations or contraventions, and the inquiry is at a preliminary stage. The financial or operational impact cannot be quantified at this point.
This is a preliminary tax inquiry, not an allegation of wrongdoing, so the immediate impact on shareholders is limited. However, if the inquiry escalates and the company is found to have wrongly claimed ITC, it could face tax liabilities, penalties, and reputational risk, which may weigh on the stock.