HEG Limited has informed the Exchange about General Updates
HEG · price
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Awaiting price reaction for this filing.
HEG Limited has received a Show Cause Notice dated June 30, 2025 from the Office of the Deputy Commissioner (SGST), Mandideep Circle, Bhopal, related to the tax period April 2018 to March 2019. The notice proposes recovery of IGST refunds along with a penalty totaling Rs. 282.34 Crores, alleging violation of Rule 96(10) of the CGST Rules, 2017. The company plans to file a reply and contest the demand, stating it is confident its IGST refunds for FY 2018-19 are legitimate. HEG also noted that a similar notice for FY 2017-18 was previously dropped by the GST department. The financial impact, if any, will depend on the final outcome of the proceedings.
A potential liability of Rs. 282.34 Crores is significant and could weigh on the stock in the near term, but since the matter is at a show cause stage and the company plans to contest it (with a prior similar notice already dropped), the actual financial hit remains uncertain. Investors should monitor the company's response and any further developments from the GST authority.