Prince Pipes Receives GST Demand Notice of ₹2.74 Crore for FY23
Prince Pipes received a GST demand notice of ₹2.74 crore for FY23 from Rajasthan GST authorities. The notice cites issues with e-way bills and ITC claims. The company believes the demand is not maintainable and anticipates no significant financial or operational impact.
While the company states no significant impact is expected, a demand of ₹2.74 crore is material and could potentially affect finances if the company's assessment is incorrect.
The company has received a demand notice from GST authorities, which is a negative event. However, the company believes the demand is not maintainable and does not expect any significant impact, which mitigates the negative sentiment.
Prince Pipes and Fittings Limited has received a Show Cause cum Demand Notice in Form GST DRC-01 dated September 29, 2026, from the Office of the Deputy Commissioner, State Goods & Service taxes Department, Government of Rajasthan, Jaipur. The notice, issued under Section 73 of the CGST/RGST Act, 2017, pertains to the financial year 2022-23 and is for an aggregate amount of ₹2,74,41,122.
This demand includes ₹1,52,32,048 in tax, ₹95,96,190 in interest, and ₹26,12,884 in penalty, distributed across IGST, CGST, and SGST. The allegations for the notice relate to excess outward tax in e-way bills compared to GSTR3B and excess ITC claimed in GSTR 3B which is not confirmed in GSTR 2A/2B or GSTR 9.
The company, however, believes the demand is not maintainable and is evaluating the matter to submit its reply within the prescribed time limit. Prince Pipes does not envisage any significant impact on its financials, operations, or other activities due to this notice.
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