Announced Tue, 23 Jun · 17:20 IST
GST order with Rs 5.84 cr tax demand and penalty on IPO ITC claims
MVGJL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Price reaction · full curve 14 horizons · vs prior close
-0.6%1-day move
₹143.85
prior close
₹143.10
base price
After-mkt
timing
5m10m15m30m1D2D3D4D5D7D15D1M2M3M
+1.2+0.5+0.9+0.7-0.6-1.6+0.9+2.4+4.3+5.6+11.4+7.8——
Up moveDown movePending
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.