GST show cause notice for Rs 33.47 lakhs on ITC reversal

Regulatory & Legal View source PDF Explain this filing

TIRUMALCHM · price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Price reactionminutes from the announcement price · days from the prior close

+8.2%Reaction day

₹144.40

prior close

₹144.44

announcement price

After-mkt

timing

Nifty Microcap 250market · in no size index; the smallest one is used+0.5%+7.6% vs market

Commodity Chemicals peers, median of 59sector-0.5%+8.6% vs sector

On the reaction day the stock moved 7.6 pts more than Nifty Microcap 250 and 8.6 pts more than its Commodity Chemicals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

+1.4

10m

+0.3

15m

+0.3

30m

+0.6

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

+8.2+0.5+7.6-0.5+8.6

Next day

+6.2+0.8+5.5-0.6+6.9

+11.5+1.0+10.5-1.0+12.5

+8.7+0.6+8.1-1.1+9.8

+10.4+1.2+9.2-1.0+11.4

+10.3+0.9+9.3-1.0+11.3

+10.7+1.6+9.2+0.0+10.7

15d

+9.1+1.9+7.2+3.3+5.7

+8.7+0.8+7.9+0.2+8.5

-11.0-5.7-5.3-2.5-8.5

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UpDownMarket · Nifty Microcap 250Sector · Commodity Chemicals peers, median of 59Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

Thirumalai Chemicals got a GST show cause notice from the Vadodara Audit Commissionerate under Section 74 of the CGST Act for not reversing Input Tax Credit on stock differences from April 2020 to March 2024. The tax demand is Rs 33.47 lakhs; interest and penalty are not yet quantified. The company will respond within the deadline, says the demand is erroneous, and expects any impact to be insignificant.

Likely market impact

Minor tax demand of Rs 33.47 lakhs that company will contest. Management says impact is not material to financials.