Pursuant to Reg 30 of SEBI(LODR), 2015, the show cause notice of Directorate General of GST Intellligence (DGGI) is attached.
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Purple Wave Infocom Ltd has received a Show Cause Notice from DGGI, Delhi Zonal Unit alleging short payment of GST on LED display and video wall products during FY 2020-21 to FY 2024-25. The dispute centers on HSN code classification - the company classified products under HSN codes attracting 18% GST, while DGGI claims they should be classified under HSN 85285900 attracting 28% GST. DGGI proposes recovery of approximately Rs. 8.39 crores (excluding interest and penalty). The company states it has adequate grounds to defend its position and will contest the matter before the appropriate authority. The matter is currently at adjudication stage with no final liability determined yet.
The proposed GST demand of Rs. 8.39 crore represents a significant financial exposure for the company, though the final liability remains uncertain pending adjudication. Investors should monitor the outcome as it could impact the company's financials and reputation.