Key Quantitative Figures

The aggregate amount of tax, interest, and applicable penalty stated in the notice is approximately ₹2,24,20,454 (₹2.24 crore).

Dates of Action

  • Show Cause Notice Date: 18 August 2026
  • FORM GST DRC-01 Receipt Date: 19 August 2026
  • Disclosure Submission Date to Exchange: 21 August 2026 (with acknowledgment of a one-day delay from the prescribed timeline of 20 August 2026)
  • Filing Date of This Disclosure: 24 August 2026

Parties Involved

  • Issuing Authority: Directorate General of GST Intelligence, Ahmedabad Zonal Unit and GST Department
  • Regulatory Recipient: BSE Ltd.

Purpose and Details of Proceedings

The disclosure concerns the receipt of a Show Cause Notice under Section 74/74A of the CGST Act, 2017 read with Section 74/74A of the Gujarat GST Act, 2017 and FORM GST DRC-01 under Rule 100(2) & 142(1)(a) of the CGST Act, 2017. The notice alleges violations relating to the availment and utilisation of Input Tax Credit (ITC) under GST law for the Financial Years 2020-21, 2021-22, 2022-23, 2023-24, and 2024-25.

Company's View and Response

The company has reviewed the matter and believes that the Input Tax Credit was appropriately availed under the applicable GST provisions. The company is reviewing the notice and will submit an appropriate response within the prescribed time.

Financial and Operational Impact

As per the disclosure, "There is no material impact on the operations of the Company." The financial impact of the demand (₹2.24 crore) is stated but the company's view is that it was compliant.

Reason for Disclosure Delay

The disclosure was submitted on 21 August 2026 instead of the required 20 August 2026. The reason cited is that the Show Cause Notice contained detailed tax computations requiring internal examination, verification of underlying records, and consultation with tax professionals to finalize the particulars for disclosure. The company states the delay was procedural and inadvertent.

Forward-Looking Statement

The company will continue to monitor the matter and keep the Stock Exchanges informed of any material developments as required under applicable laws and regulations.