Show Cause Notice Under Section 73 of CGST Act for AY 2022-23; Total Rs. 13.52 lakhs
A show cause notice under Section 73 of the CGST Act has been received from the Assistant Commissioner, Ranipet (Sipcot).
- Tax Amount
- Rs. 7.37 lakhs
- Interest Amount
- Rs. 5.31 lakhs
- Penalty Amount
- Rs. 0.84 lakhs
- Total Demand
- Rs. 13.52 lakhs
- Assessment Year
- 2022-23
What happened
The company has received a show cause notice under Section 73 of the CGST Act, 2017 from the Office of Assistant Commissioner, Ranipet (Sipcot), Assessment Circle, Ranipet, issued on the basis of scrutiny of returns.
What is alleged
- Alleged discrepancies under exempted turnover reported by the company, relating to its SEZ unit
- Excess claim of ITC (input tax credit)
- Short payment of tax
- Period involved: Assessment Year 2022-2023
Amounts involved
- Tax: Rs. 7.37 lakhs
- Interest: Rs. 5.31 lakhs
- Penalty: Rs. 0.84 lakhs
- Total: Rs. 13.52lakhs
Company's stand
The company states, prima facie, that the demands are erroneous and not sustainable as the transactions pertain to the SEZ unit for which GST is not applicable. It will submit its response before the authority within the prescribed timelines and firmly believes the financial implication, if any, is likely to be very insignificant with no material impact on its financial position.
How to read this
A show cause notice is a preliminary step where the tax officer asks the company to explain before any final demand is confirmed. The amounts stated here are small in absolute terms, and the company has the option to reply and contest.
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More numbers
- TaxRs. 7.37 lakhs
- InterestRs. 5.31 lakhs
- PenaltyRs. 0.84 lakhs
- TotalRs. 13.52lakhs
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