Please find enclosed herewith intimation under Regulation 30 for Intimation for liability received from GST Authority.
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Harish Textile Engineers has received an intimation of liability from the Gujarat State Tax Commissionerate for financial year 2021-2022. The total alleged tax, interest, and penalty demand is Rs. 23,03,030 (approximately Rs. 23 lakh). The allegation relates to excess Input Tax Credit (ITC) availed and short payment of tax, identified through a review of GSTR-3B, GSTR-1, GSTR-2A returns and E-way bills. The company is taking advice from its tax advisors and will file a response within the prescribed timeline. The matter has been disclosed under SEBI Regulation 30 for stock exchange compliance.
This is a moderate, manageable tax demand for the company. The amount (Rs. 23 lakh) is small relative to typical corporate operations, and the company is contesting it. Short-term impact on stock price is likely limited unless the dispute escalates significantly.