GST show cause notice on FY22-23 assessment, demand around Rs 13.52 lakhs
TIRUMALCHM · price
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Thirumalai Chemicals received a GST show cause notice from the Ranipet tax authority under Section 73 of the CGST Act for Assessment Year 2022-23. Alleged discrepancies relate to exempted turnover from its SEZ unit, excess ITC claim, and short tax payment. Total demand including tax, interest and penalty is about Rs 13.52 lakhs. The company says SEZ transactions are not liable for GST and will file its response. It believes any financial impact will be insignificant.
Minor tax demand around Rs 13.52 lakhs; company views it as not material to overall financials.