Tax recovery notice for Rs 14.9 crore on SGST reimbursement dispute

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REGAAL · price

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AI summary

Regaal Resources received a tax notice from the Joint Commissioner of State Tax, Kishanganj seeking recovery of about Rs 14.90 crore related to SGST reimbursement under the Bihar Industrial Promotion Policy (April 2019 to December 2024). Distributors allegedly misused SGST credits for IGST payments, breaching a government resolution. The company expects to recover about Rs 104.64 million from distributors and has already provided about Rs 66.57 million as an exceptional item in Q3 FY26. It plans to file replies or appeals.

Likely market impact

Potential liability of about Rs 14.9 crore, partly offset by expected distributor recovery and existing provisions. Negative sentiment near-term; company is contesting.