Announcement under Regulation 30 of SEBI (LODR) Regulations, 2015 - Intimation of Demand in form GST DRC-01A from the Office of the Commmissioner of Central GST, Palghar Commissionerate.
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Veer Global Infraconstruction Ltd has received a GST demand notice (Form GST DRC-01A) dated 17 September 2025 from the Office of the Commissioner of Central GST, Palghar Commissionerate. The demand totals Rs. 22,12,72,895 (~Rs. 22.13 crore) plus applicable interest and penalty, covering FY 2017-18 to FY 2024-25. Alleged issues include short-payment of GST, excess input tax credit claimed, non-reversal of ITC, non-compliance with Notification No. 03/2019, and non-payment through cash ledger. The company states it believes the demand is not tenable, the amount has already been paid appropriately, and a portion of the demand is time-barred. It will file its reply within the stipulated time and expects to receive relief.
This is a significant contingent tax liability that could affect the company's financials if not successfully contested, though management claims no immediate impact on operations and intends to challenge the demand. Shareholders should monitor the company's response and any further developments, as an adverse ruling could materially impact earnings and cash flows.