Isgec Heavy Engineering Limited has informed the Exchange about Imposition of Penalty
ISGEC · price
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On the reaction day the stock moved 1.7 pts less than Nifty Microcap 250 and 1.5 pts less than its Civil Construction peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The company received an order from the Assistant Commissioner/GSTO, Ward 62, Zone 5, Delhi imposing a GST demand of Rs.37,74,378 for FY 2022-23. The demand alleges excess availment of Input Tax Credit. The total financial impact includes a tax demand of Rs.20,70,589, a penalty of Rs.2,20,112, and interest of Rs.14,83,677. The company intends to file an appeal under the Goods and Services Tax Act to contest this order.
The financial impact is around Rs.37.7 lakh, which is relatively modest for a company of Isgec's size. The matter is sub-judice as the company plans to appeal, so no immediate material impact is expected unless the appeal is dismissed.