Intimation of Order received from GST Authority, Gujarat
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Awaiting price reaction for this filing.
Parmeshwar Metal Ltd has received an order from the Deputy Commissioner of State Tax (Enforcement), Gandhinagar, confirming a GST demand of Rs. 1.56 crore along with interest and penalties of Rs. 3.62 crore, totaling about Rs. 5.19 crore. The order relates to alleged inadmissible Input Tax Credit (ITC) received from non-existent suppliers under the CGST/GJGST Act, 2017. The company plans to file an appeal before the First Appellate Authority, stating that the demand is without merit and is expected to be set aside. The company has stated it does not foresee any material impact on its financial, operational, or other activities.
Short-term negative sentiment likely due to the sizable tax demand, but the company's confidence in winning the appeal and claim of no material impact may limit downside. Investors should watch the appeal outcome as a confirmed liability of Rs. 5.19 crore could affect financials if not overturned.