Receipt of Show Cause Notice form Joint Commissioner of State Tax, Bhiwadi, Rajasthan u/s 73 of GST Act, 2017.
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On the reaction day the stock moved 0.4 pts less than Nifty Microcap 250 and 0.8 pts less than its Tyres & Rubber Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Indag Rubber Limited has received a Show Cause Notice (SCN) from the Joint Commissioner of State Tax, Bhiwadi, Rajasthan, under Section 73 of the GST Act, 2017, for the financial year 2021-22. The notice proposes a total demand of Rs. 1,07,59,703 (~Rs. 1.08 crore), comprising a GST demand of Rs. 59.12 lakh, interest of Rs. 42.57 lakh, and a penalty of Rs. 5.91 lakh. The issue relates to excess claim of Input Tax Credit (ITC) and utilisation of ITC that is blocked under Section 17(5) of the GST Act. The company plans to file an appropriate response within the prescribed timelines and has stated that there is no major impact on its financial, operational, or other activities.
The financial impact is relatively small (~Rs. 1.08 crore) compared to typical company operations, and the notice is at a show cause stage where the company can respond. Shareholders should monitor the outcome, but near-term stock impact is likely limited unless the demand materialises into a confirmed order.