Intimation under Regulation 30 of the SEBI Listing Regulations, 2015
KANCHI · price
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Awaiting price reaction for this filing.
Kanchi Karpooram has received an order from the Assistant Commissioner of GST & Central Excise, Chennai, confirming a GST demand of Rs. 47.43 lakh along with a penalty of Rs. 42.99 lakh for the period FY2019-20 to FY2023-24. The issues flagged include ineligible input tax credit (ITC) availed, non-reversal of ITC on credit notes, ineligible ITC on rent paid under reverse charge, non-payment of tax on rental services, and non-payment of tax on invoices reflected in GSTR-2A. Interest on the demand is yet to be quantified. The company has stated there is no immediate financial impact and plans to file an appeal before the Joint/Additional Commissioner (Appeals II) while also evaluating other legal options.
The combined demand and penalty of roughly Rs. 90.43 lakh is a meaningful outflow for a small-cap company, and the final liability could rise once interest is added. If the appeal fails, this will dent profitability; near-term, the stock may see some negative sentiment until the appeal outcome is known.