Demand order under GST Act

Regulatory & Legal View source PDF Explain this filing

Price

Loading chart…

▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Price reactionminutes from the announcement price · days from the prior close

-1.1%Reaction day

₹27.79

prior close

₹27.69

announcement price

After-mkt

timing

Nifty Microcap 250market · in no size index; the smallest one is used+1.4%-2.5% vs market

Iron & Steel Products peers, median of 94sector+1.2%-2.3% vs sector

On the reaction day the stock moved 2.5 pts less than Nifty Microcap 250 and 2.3 pts less than its Iron & Steel Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

+1.0

10m

-0.2

15m

+0.0

30m

-0.2

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

-1.1+1.4-2.5+1.2-2.3

Next day

-1.4+1.6-3.1+1.2-2.6

-1.4+2.6-4.0+1.7-3.1

-0.5+2.8-3.4+1.2-1.7

-0.1+2.1-2.3+1.1-1.3

+0.1+2.2-2.1+1.0-0.9

-2.8-1.5-1.3-2.8-0.0

15d

-11.1-5.7-5.5-6.9-4.3

-17.2-5.5-11.7-7.6-9.6

-23.4-6.3-17.1-6.4-17.0

-46.6-11.1-35.5-13.6-33.0

UpDownMarket · Nifty Microcap 250Sector · Iron & Steel Products peers, median of 94Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

The Office of the Deputy Commissioner of State Tax (SGST) in Ghaziabad, Uttar Pradesh has issued a demand order dated December 30, 2025 against Rathi Steel & Power under Section 74 of the CGST/SGST Act, 2017. The tax authority has raised a demand of Rs 5,73,33,332 (approximately Rs 5.73 crore) along with a penalty of a similar amount and applicable interest. The alleged issues relate to E-Way Bills and availment of ineligible or excess Input Tax Credit. The company has stated there is no material impact on its financial or operational activities, and it strongly refutes the demand. The company plans to explore legal remedies to contest the order.

Likely market impact

The total potential exposure is around Rs 11.46 crore (demand plus penalty) plus interest, which is significant for a small-cap company. However, since the company is contesting the demand, the immediate financial impact is not confirmed. This is a negative overhang and may create short-term uncertainty for shareholders until the matter is resolved.