Valiant Organics Limited has informed the Exchange about Show Cause Notice received from Tax Authority, Gujarat
VALIANTORG · price
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Valiant Organics has informed exchanges that Amarjyot Chemical Limited (which was merged into Valiant Organics in 2019 via an NCLT order) received a Show Cause Notice from the Office of the Deputy Commissioner of State Tax Enforcement, Vapi, Gujarat under Section 74(1) of the CGST and GGST Acts. The notice alleges excess availment of Input Tax Credit and incorrect declaration of tax liability for FY 2018-19, involving a total demand of Rs. 1.95 crore (including tax, interest and penalty). The company has stated there will be no material impact on its financials, operations or activities, and that the impact will be limited to the final liability as may be ascertained. The company plans to submit necessary documents and respond to the claims raised in the notice.
The financial exposure is small (about Rs. 1.95 crore) and the company has explicitly stated there is no material impact. This is a legacy tax matter from a merged entity, and is unlikely to affect the stock price significantly unless the demand materially escalates post-hearing.