Welspun Enterprises Limited has informed the Exchange regarding 'Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015'.
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On the reaction day the stock moved 1.7 pts more than Nifty Microcap 250 and 2.6 pts more 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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Welspun Enterprises informed the exchange that its joint venture, Welspun Kaveri Infraprojects JV, has received a Show Cause Notice (SCN) from the Central GST Authority in Uttar Pradesh on September 29, 2025. The notice covers FY 2021-22 and FY 2023-24 and proposes a tax demand of around Rs. 48.87 crore along with applicable interest and a penalty of about Rs. 4.87 crore, taking the total potential exposure to roughly Rs. 53.74 crore. The dispute relates to a mismatch between the turnover reported by the JV in GSTR-3B returns and the TDS details filed by its client in GSTR-7. The company plans to file a detailed reply after reconciliation and believes it has a strong case on merits.
The company has stated it does not foresee any material impact on its financial, operational, or other activities from this notice. However, a potential tax demand of nearly Rs. 54 crore on a joint venture could be a short-term overhang for the stock, pending resolution of the dispute.