GST order with Rs 5.84 cr tax demand and penalty on IPO ITC claims

Litigation LossRegulatory & Legal View source PDF Explain this filing

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Price reactionminutes from the announcement price · days from the prior close

+0.8%Reaction day

₹143.85

prior close

₹143.10

announcement price

After-mkt

timing

Nifty Microcap 250market · in no size index; the smallest one is used-0.1%+0.9% vs market

Gems Jewellery And Watches peers, median of 29sector+0.1%+0.7% vs sector

On the reaction day the stock moved 0.9 pts more than Nifty Microcap 250 and 0.7 pts more than its Gems Jewellery And Watches peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

+1.2

10m

+0.5

15m

+0.9

30m

+0.7

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

+0.8-0.1+0.9+0.1+0.7

Next day

-0.6-0.7+0.1-0.4-0.1

-1.6-1.0-0.6-0.1-1.4

+0.9+0.0+0.9+0.2+0.7

+2.4+0.2+2.2+0.6+1.8

+4.3+1.1+3.2+3.3+1.0

+5.6+0.9+4.7+3.6+2.0

15d

+11.4+0.8+10.6+8.6+2.8

+7.8-0.8+8.6+5.6+2.3

+4.8+5.0-0.3+16.3-11.6

+48.8+5.0+43.7+14.3+34.5

UpDownMarket · Nifty Microcap 250Sector · Gems Jewellery And Watches peers, median of 29Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

The Central GST Commissionerate in Visakhapatnam has passed an order against the company demanding about Rs 2.92 crore in taxes and an equal amount as penalty, totaling around Rs 5.84 crore plus interest. The demand relates to alleged irregular availment and use of input tax credit on IPO expenses for the period FY 2021-22 to 2024-25. The company says operations are not affected and it plans to appeal before the ADC Appeals, Central Tax, Guntur.

Likely market impact

About Rs 5.84 crore hit if appeal fails. Near-term stock may face pressure on the tax order news, though company is contesting it.