Nuvoco Vistas Corporation Limited has informed the Exchange about a Show Cause Notice received by the wholly owned material subsidiary - NU Vista Limited, from Joint Commissioner State Tax, Raipur, Chhattisgarh
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Nuvoco Vistas has informed the exchange that its wholly owned subsidiary, NU Vista Limited, received a duplicate show cause notice from the Joint Commissioner, State Tax, Raipur Division 02, Chhattisgarh. The notice proposes to deny input tax credit based on Table 8 of GSTR-9 for FY 2018-19, with a proposed demand of Rs. 7.26 crore in tax, Rs. 6.50 crore in interest, and Rs. 1.82 crore in penalty (total ~Rs. 15.57 crore). The company notes that a demand notice on the same issue is already pending in appeal, making this a duplicate notice. Nuvoco plans to file an appropriate reply and expects no major financial impact, stating the notice will not be sustained.
This is a tax-related procedural matter with a modest financial exposure of ~Rs. 15.57 crore (less than 1% impact relative to Nuvoco's scale). The company views it as duplicative and likely to be dismissed, so near-term impact on shareholders or stock price should be limited, though it adds to ongoing tax litigation overhang.