Intimation of Order received from GST Authority, Gujarat
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Parmeshwar Metal Ltd has received an order from the Deputy Commissioner of State Tax (Enforcement), Gandhinagar, confirming a tax demand of Rs. 3.43 crore along with interest and penalties of Rs. 7.44 crore, totaling about Rs. 10.87 crore. The order relates to alleged inadmissible Input Tax Credit (ITC) claimed from non-existent suppliers or tax defaulters. The company plans to file an appeal before the appellate authority, stating the demand is without merit and is expected to be set aside. The company has indicated no material impact on its financial or operational activities.
Despite the company's confidence in overturning the order on appeal, the Rs. 10.87 crore demand is sizeable for a small-cap company and may create short-term uncertainty for shareholders. If the appeal fails, it could materially affect earnings and cash flows.