Thirumalai Chemicals gets GST show cause notice of Rs 2292.66 lakh
TIRUMALCHM · price
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Thirumalai Chemicals received a show cause notice from the Commercial Tax Department in Ranipet, Tamil Nadu under Section 73 of the CGST Act 2017 for FY 2022-23. Alleged dues total Rs 2292.66 lakh, split as tax of Rs 1356.36 lakh, interest of Rs 800.66 lakh, and penalty of Rs 135.64 lakh, over alleged output turnover and input tax discrepancies. The company says the demands are erroneous and not sustainable and will file its response within the prescribed timeline. It believes any financial impact will be very insignificant and will not materially affect its financial position.
Tax notice is preliminary, not an order. Company disputes it. Limited downside risk per company view, but watch for response outcome.