GST show cause notice of about Rs 17 crore on ENA supply

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GODAVARIB · price

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

-1.2%Reaction day

₹243.80

prior close

₹242.20

announcement price

After-mkt

timing

Nifty Microcap 250market · in no size index; the smallest one is used+0.3%-1.5% vs market

Fast Moving Consumer Goods peers, median of 308sector · sector level+0.0%-1.3% vs sector

On the reaction day the stock moved 1.5 pts less than Nifty Microcap 250 and 1.3 pts less than its Fast Moving Consumer Goods 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

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30m

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Sessions after the filingfrom the prior close

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Reaction day

-1.2+0.3-1.5+0.0-1.3

Next day

-1.4-0.2-1.2+0.0-1.5

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15d

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UpDownMarket · Nifty Microcap 250Sector · Fast Moving Consumer Goods peers, median of 308Pending

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

AI summary

Godavari Biorefineries received a show cause notice from the Assistant Commissioner of Central GST, Audit, Belgavi, Karnataka over non-payment of GST on supply of ENA (Extra Neutral Alcohol) to Karnataka State Beverages Corporation Ltd for 2021-22 to October 2024. The total demand is about Rs 17.02 crore, split equally between CGST and SGST. The company had treated these supplies as exempted in its returns. Management will examine the notice and file replies or appeals as advised.

Likely market impact

Potential tax outflow of about Rs 17 crore plus possible interest and penalties if the notice is upheld; company intends to contest.