Nuvoco Vistas Subsidiary Receives GST Show Cause Notice for ₹24.99 Crore
Nuvoco Vistas' subsidiary, NU Vista Limited, received a GST show cause notice for ₹24.99 crore for FY 2022-23. The notice pertains to turnover calculation and input tax credit. The company expects no major financial impact, stating the demand is based on incorrect calculations.
A tax demand of ₹24.99 crore, even if disputed, could potentially impact the company's financials if not resolved favorably. While the company expresses confidence in refuting the claim, the potential for penalties and interest warrants a medium impact assessment.
The announcement details a show cause notice and potential tax demand, which is a negative event. However, the company's assertion that it expects no major financial impact and is confident in refuting the claims mitigates the immediate negative sentiment, leading to a neutral classification.
Nuvoco Vistas Corporation Limited has disclosed that its wholly-owned subsidiary, NU Vista Limited, received a show cause notice from the Assistant Commissioner, CT & GST Circle Jajpur, Odisha on September 30, 2026.
The notice proposes a revision of turnover based on an incorrect calculation of yield from raw material to finished product. It also suggests treating the turnover reflected in Form 26AS as the taxable turnover and proposes denial of input tax credit due to loss of moisture in the raw material.
The proposed tax demand amounts to ₹24,98,84,511 (approximately ₹24.99 crore) for FY 2022-23, along with applicable interest and a 10% penalty. The company is preparing to file an appropriate reply to the show cause notice.
Nuvoco Vistas Corporation Limited stated that the demand is based on incorrect calculations and against the provisions of law. The company is confident that with supporting documents and legal precedents, the allegations will be proven wrong, and it anticipates no major financial impact.
What to do with a filing like this
Nuvoco Vistas Corporation Limited filed this with the NSE as a statutory disclosure, categorised under other regulatory filings. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Nuvoco Vistas Corporation Limited. Read the original for the full detail.