Flair Writing Industries Receives Show Cause Notice for ₹26.27 Lakhs GST Demand
Flair Writing Industries received a Show Cause Notice from GST authorities for FY 2022-23. The notice quantifies a demand of ₹26.27 Lakhs, comprising tax, interest, and penalty. The company anticipates no material impact on its financials and will contest the matter.
The company has explicitly stated that there is no material impact on its financials, operations, or other activities. The potential financial impact is limited to the final adjudicated liability, which is currently quantified at ₹26.27 Lakhs, a relatively small amount for the company.
The company received a Show Cause Notice related to GST proceedings, which involves a quantified demand. However, the company has stated that there is no material impact on its financials and it will contest the matter, indicating a neutral outlook.
Flair Writing Industries Limited has received a Show Cause Notice under Section 73 of the CGST Act, 2017, from the Office of the State Tax Officer, Gujarat. This notice is in continuation of GST scrutiny proceedings for the Financial Year 2022-23.
The notice quantifies a demand aggregating to ₹26,27,665, which includes tax of ₹14,89,386, interest of ₹9,89,341, and a penalty of ₹1,48,938. This follows an earlier audit observation for FY 2022-23 where an amount of ₹78,80,221 was stated.
The company stated that it will submit its reply and submissions before the authorities and pursue the matter on its merits. Flair Writing Industries Limited has further clarified that there is no material impact on its financials, operations, or other activities due to this notice. Any financial impact will be limited to the extent of the final liability determined upon adjudication.
A plain-language summary of a public exchange filing by Flair Writing Industries Limited. Read the original for the full detail.