GST penalty of about Rs 24.06 cr levied for FY 2019-20
SHRIRAMFIN · price
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On the reaction day the stock moved 0.9 pts less than Nifty 100 and 0.2 pts less than its Non Banking Financial Company (NBFC) peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Shriram Finance received a GST order from the Commercial Tax Officer, Chennai South for FY 2019-20, tied to the merged entity Shriram City Union Finance. The order includes a tax demand of about Rs 24.06 cr, interest of about Rs 12.02 cr, and a penalty of equal amount. Issues flagged: disallowance of input tax credit on RCM payments, excess ITC claimed in GSTR-3B, and credit notes issued. The company says there is no material impact and has identified arithmetical mistakes, planning to file a rectification application under Section 161 of the CGST Act.
Total exposure about Rs 60.14 cr. Company calls it immaterial and will contest via rectification. Watch for outcome of the application.