GST show cause notice for FY23 excess ITC claim, demand about Rs 1.55 crore

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

-4.1%Reaction day

₹61.21

prior close

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announcement price

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Nifty Microcap 250market · in no size index; the smallest one is used+0.3%-4.4% vs market

Civil Construction peers, median of 97sector-0.2%-3.9% vs sector

On the reaction day the stock moved 4.4 pts less than Nifty Microcap 250 and 3.9 pts less than its Civil Construction peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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UpDownMarket · Nifty Microcap 250Sector · Civil Construction peers, median of 97Pending

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AI summary

Vikran Engineering has received a GST Show Cause Notice from the Deputy Commissioner, State Tax, Jaipur-IV, for FY 2022-23. The notice alleges excess Input Tax Credit claimed in GSTR-3B that was not confirmed in GSTR-2A or GSTR-2B. Total demand is Rs 83.62 lakh in tax, plus Rs 62.71 lakh interest and Rs 8.36 lakh penalty, taking the total to about Rs 1.55 crore. The company says it foresees no material financial or operational impact and will file detailed objections, calling its case strong on merits.

Likely market impact

Total exposure about Rs 1.55 crore; company sees no material impact and plans to contest the notice.