Welspun Enterprises gets GST Show Cause Notice for about Rs 71.24 Crore demand in UP
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Welspun Enterprises received a Show Cause Notice from the UP State GST Authority (Joint Commissioner) under Section 74 of the CGST/UPGST Act, 2017 for FY 2022-23. The notice proposes a tax demand of about Rs. 71.24 Crore plus interest and penalty over alleged short payment of tax and excess claim of Input Tax Credit. The company plans to file a detailed reply, believes the demand has no merit and expects it to be set aside in adjudication. No material impact on financials or operations is foreseen.
Demand is being contested; company sees no material financial or operational hit, but adjudication outcome is a key watch point for shareholders.