Seshasayee Paper and Boards Limited has informed the Exchange about General Updates- The Company had filed an appeal with Commissioner (Appeals) and the Commissioner (Appeals) vide his latest Order had ruled the case, materially in favour of the Company with a reduced demand of Rs 16.00 lakhs with applicable interest and penalty of Rs 1.06 lakhs. The Order is yet to be uploaded in the GST Portal by the Office of Commissioner (Appeals) due to technical challenges. This declaration is made based on Physical copy received.
SESHAPAPER · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 2.6 pts more than Nifty Microcap 250 and 2.2 pts more than its Paper & Paper Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
Minute windows have no benchmark: there is no intraday index history to compare against.
Seshasayee Paper and Boards had earlier faced a GST demand of Rs 712.24 lakhs plus interest and a penalty of Rs 100.93 lakhs from the Additional Commissioner, Salem CGST Commissionerate, related to alleged short payment under Reverse Charge Mechanism and excess Input Tax Credit claims for FY2017-18 to FY2021-22. The company appealed the order before the Commissioner (Appeals). In the latest order, the Commissioner (Appeals) has ruled materially in favor of the company, slashing the demand to just Rs 16.00 lakhs plus applicable interest and a penalty of Rs 1.06 lakhs. The total exposure has come down from over Rs 813 lakhs to around Rs 17 lakhs, a very significant reduction. The order is yet to be uploaded on the GST portal due to technical issues, and the disclosure is based on the physical copy received.
This is a clear positive for shareholders — the company's tax liability has been reduced by more than 97%, removing a major overhang. Such a favorable ruling typically supports investor sentiment, though the small residual demand and any applicable interest will still need to be provided for in the books.