Disclosure Context
Lakshmi Electrical Control Systems Limited (Scrip Code: 504258) provides additional details requested by BSE regarding its corporate announcement filed under Regulation 30 of SEBI LODR Regulations on June 2, 2026. The disclosure concerns receipt of GST show cause notices.
Key Quantitative Figures
Notice 1 (FY 2022-23):
- Total demand: ₹1,56,88,534
- Breakdown: Tax ₹1,41,40,145, Cess ₹2,922, Interest ₹1,11,452, Penalty ₹14,34,015
Notice 2 (FY 2023-24):
- Total demand: ₹3,92,93,425
- Breakdown: Tax ₹3,57,21,295, Penalty ₹35,72,130
Combined total demand: ₹5,49,81,959 (approximately ₹5.50 crore)
Dates of Action
- Notices issued: May 7, 2026
- Notices retrieved from spam folder: June 2, 2026
- Initial intimation filed with exchange: June 2, 2026
- Clarification letter to BSE: June 4, 2026
Parties Involved
- Issuing authority: Office of the Assistant Commissioner, GST
- Listed company: Lakshmi Electrical Control Systems Limited
- Stock exchange: BSE Limited
Reason for Delay in Disclosure
The GST show cause notices dated May 7, 2026 were delivered to the spam folder of the company's email account. The company retrieved and verified them on June 2, 2026, and filed the intimation on the same day.
Alleged Non-Compliances
Notice 1 (FY 2022-23):
- Short payment of tax under Reverse Charge Mechanism (RCM)
- Proof required for Exempted/Nil rated/Non-GST supplies
- ITC reversals
- Documentary proof for credit notes
Notice 2 (FY 2023-24):
- Short payment of tax under RCM
- Proof required for Exempted/Nil rated/Non-GST supplies
- Details of turnover reported in GSTR Forms
- ITC reversals
- Documentary proof for credit notes
- ITC claimed
Company's Response and Actions
- The company is in the process of filing replies and explanations to substantiate its case
- Company states there is no material impact on financials, operations or other activities
- Committed to avoiding similar instances in future