HEG Limited has informed the Exchange about Action(s) taken or orders passed
HEG · price
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HEG Limited has informed the exchange that the GST authority (Office of the Deputy Commissioner of State Tax, Mandideep, Bhopal) has dropped the show cause notice issued to the company for the tax period FY 2019-20. The dropped notice had proposed recovery of IGST refunds along with a penalty of Rs. 282.34 Crores. The proceedings under Section 74 of the MPGST Act 2017 and CGST Act 2017 have been dropped based on information available on record. The company has stated there is no financial or operational impact. The show cause notice for FY 2020-21 (also Rs. 282.34 Crores) remains pending and is not addressed in this filing.
This is positive news for HEG shareholders as a potential tax liability of Rs. 282.34 Crores for FY 2019-20 has been removed. However, a similar notice for FY 2020-21 of equal amount is still pending, so the relief is only partial and investors should watch for further updates on the FY 2020-21 matter.