GST Show Cause Notice of Rs. 12,56,693 Received for FY 2022-23 Audit Period
The company received a show cause notice in Form DRC-01 under Section 73(1) of KGST/CGST read with IGST Acts, 2017, from the Deputy Commissioner of Commercial Taxes (Audit)-6.4.
- Total Demand Amount
- Rs. 12,56,693/-
- Tax Component
- Rs. 7,61,000/-
- Interest Component
- Rs. 4,95,693/-
- Audit Period
- April 2022 to March 2023
- Issues Cited
- reduction of outward liability, excess claim, ITC reversible
What was shared
The company informed the exchanges that it has received a show cause notice in Form DRC-01 under Section 73(1) of the KGST/CGST read with IGST Acts, 2017, issued by the Deputy Commissioner of Commercial Taxes (Audit)-6.4.
The demand
- Total amount demanded: Rs. 12,56,693/-
- Tax component: Rs. 7,61,000/-
- Interest component: Rs. 4,95,693/-
- Audit period covered: April 2022 to March 2023
Grounds cited
The notice refers to reduction of outward liability, excess claim and ITC reversible, among other matters, which are concluded into the demand for the additional amount.
Company's position
The company states there is no material impact on its financial, operational or other activities, except to the extent of the demand raised. It adds that it is exploring the option to contest the demand.
How to read this
A show cause notice at this stage is a tax authority asking the company to explain or pay; it is not a final adjudicated liability if contested. The amount involved here is small in absolute terms. Investors may watch for the company's response and any subsequent order from the authority.
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More numbers
- Total demand (tax and interest)Rs. 12,56,693/-
- Tax componentRs. 7,61,000/-
- Interest componentRs. 4,95,693/-
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