Trident Ltd said on Tuesday it had received a show cause notice from the Central Goods and Services Tax (CGST) Commissionerate in Ludhiana for alleged tax dues of ₹51.87 crore, including interest and penalty.
The notice pertains to discrepancies in input tax credit (ITC) reconciliation and suppression of outward tax liability based on differences between e-way bills and GST returns for the financial years 2018–19 to 2020–21, the company disclosed to exchanges.
Trident said it will submit a detailed response to the authorities, adding that the company’s GST returns had previously been audited by the CGST department with no objections on the same issues.
“There will be no material impact on financials, operations or other activities of the company due to issuance of SCN only,” Trident said in a regulatory filing.
The company added that no immediate penalties or restrictions had been imposed, and the final impact, if any, would be known once proceedings conclude.
Source from: https://www.cnbctv18.com/market/trident-receives-show-cause-notice-for-alleged-gst-dues-of-rs-52-crore-19630025.htm
