Disclosure under regulation 30(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Clause 20 of Para A of Schedule III
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Awaiting price reaction for this filing.
Samrat Forgings has received a Show Cause Notice from the GST Authority in Mohali, Punjab under Section 73 of the GST Act, 2017 for the financial year 2021-22. The notice demands Rs. 3.79 crore in tax, interest, and penalty, alleging the company did not declare the correct tax liability based on examination of its GST returns (GSTR-1, 2A, 3B, 9, and 9C). The company has stated that the notice has been wrongly issued, specifically regarding the disallowance of input tax credit on iron and steel purchases. Samrat Forgings plans to file its reply with strong merits within the prescribed time limit. Importantly, the company has stated there is no impact on its financial position, operations, or other activities from this notice.
This is a preliminary tax dispute and not a final order — the company has time to respond and contest the alleged liability. The potential outflow of Rs. 3.79 crore is relatively modest for the company, and management has publicly stated no financial impact, though the final resolution could take time and may create short-term uncertainty for investors.