ACMESOLAR Receives ₹149.73 Crore GST Demand Notice, Intends to Contest
Acme Solar Holdings Limited received a GST demand notice for ₹149.73 Crores for the period April 2021 to March 2025. The notice alleges short payment of GST on solar power system supplies. The company is reviewing the notice with advisors and intends to contest it, expecting no immediate financial impact.
The potential financial implications of ₹149.73 Crores plus interest and penalties are substantial. While the company expects no immediate impact and intends to contest, the pendency of such a large demand can have a medium-term impact on the company's financial health and investor sentiment.
The company has received a significant GST demand notice, which is a negative development. However, the company intends to contest the matter and does not expect any immediate financial or operational impact, which mitigates the immediate negative sentiment.
Acme Solar Holdings Limited has disclosed the receipt of a Show-Cause cum Demand Notice (SCN) from the Directorate General of Goods & Services Tax Intelligence, Jaipur Zonal Unit. The notice, dated March 23, 2026, and received on March 28, 2026, alleges short payment of GST on the supply of goods and services related to solar power generating systems.
The SCN pertains to the period of April 2021 to March 2025 and claims a GST demand of approximately ₹149.73 Crores, along with applicable interest and penalties. The company understands that similar notices have been issued to other renewable energy companies, and such demands are being contested in various judicial forums.
Acme Solar Holdings Limited is currently reviewing the SCN with its tax and legal advisors and intends to contest the matter. The company stated that it does not anticipate any immediate financial or operational impact due to this notice.
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