Intimation of Orders received from GST Authority, Gujarat
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Parmeshwar Metal has received two orders from GST authorities in Gandhinagar confirming tax demands along with interest and penalties. The first order from the Deputy Commissioner of Central GST involves a tax demand of about Rs. 1.46 crore plus interest and penalty of about Rs. 1.46 crore, totalling roughly Rs. 2.92 crore. The second order from the Deputy Commissioner of State Tax involves a tax demand of about Rs. 15 lakh plus interest and penalty of about Rs. 33.6 lakh, totalling roughly Rs. 48.7 lakh. Together, the combined exposure is approximately Rs. 3.4 crore. Both orders relate to alleged wrongful claim or utilisation of Input Tax Credit (ITC) from cancelled or non-existent suppliers. The company has stated it will appeal before the First Appellate Authority and believes the demands are without merit and likely to be set aside.
While the combined demand of around Rs. 3.4 crore is not negligible, the company expects to overturn it on appeal and does not foresee any material impact on its financials or operations. Shareholders should monitor the appeal outcome, as an unfavourable ruling could affect cash flows.