Bansal Wire Industries gets GST notice of ₹203 crore for FY21

Stainless steel wire Bansal Wire Industries Ltd on Tuesday (December 20) said it has received a show-cause notice (SCN) from the Joint Commissioner, SGST, Corporate Circle-I, Ghaziabad Zone-I, Uttar Pradesh, for goods & services tax, interest, and penalty for the financial year 2020-21.

The total amount is ₹202.77 crore, comprising tax of ₹69.19 crore, interest of ₹64.39 crore, and penalty of ₹69.19 crore. The notice relates to issues involving e-way bills, availment of blocked and excess input tax credit

(ITC), and non-payment of tax on the sale of RODTEP licences.

Bansal Wire Industries believes the claims are untenable and intends to file an appropriate response within the prescribed timelines. The company stated that there is no material impact on its financials, operations, or other activities arising from the SCN. A similar notice had been issued for FY2019-20, which was resolved with a negligible amount.

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"The company is of the view that the show-cause notice is untenable and has no merit, and the company shall make its appropriate response before the appropriate authority within the seven-day timeline. There is no material impact on financial, operational, or other activities of the company arising from the said SCN," according to a stock exchange filing.

Shares of Bansal Wire Industries Ltd ended at ₹318.60, down by ₹2.05, or 0.64%, on the BSE today, December 2.

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