CGST order on input tax mismatch of about INR 95.21 lakhs
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On the reaction day the stock moved 0.8 pts less than Nifty Microcap 250 and 0.7 pts less than its Civil Construction peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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CGST Jaipur issued an order against Sterling and Wilson Renewable Energy for input tax credit mismatch of about INR 95.21 lakhs (excluding penalty and interest) for the period April 2018 to March 2020. The demand is covered under an indemnity agreement with Reliance New Energy, Shapoorji Pallonji, and Mr. Khurshed Daruvala. The company is evaluating the order and deciding its next steps.
Limited direct hit as the tax demand is covered under an indemnity. Company is contesting; watch for further action.