Cement giant NU Vista announced on Tuesday said it received a ₹15.41 crore Show Cause Notice (SCN) alleging irregularities in input tax credit and in reduction in output tax credit by the firm.The SCN was issued by the Joint Commissioner, CGST, Durgapur Audit Commissionerate, West Bengal.The notice’s allegations pertains to four years from FY 2020 - 21 to FY 2023 - 24.Read more: Dalmia Bharat sees new assets boosting volumes soon; Profit falls 50%According to the statement released by the company, the notice issued proposed denial of input tax credit in respect of different inputs, which are, civil construction, toll charges, canteen, etc. It also proposed denial of reduction in output tax liability arising from credit notes issued towards sales returns and post-sale discounts. The statement said the firm claims that it possesses sufficient documentary evidence in support of its position and remains confident of resolving the issue with supporting records and submissions. It also said the company would suffer no major financial impact.
NU Vista receives ₹15.41 crore Show Cause Notice for input tax credit irregularities
Cement firm NU Vista received a ₹15.41 crore notice alleging input tax credit irregularities. The notice covers four fiscal years from 2020-21 to 2023-24. It proposes denying input tax credit for civil construction and canteen expenses. The company also faces proposed denial of output tax credit reduction from sales returns. NU Vista claims sufficient evidence and expects no major financial impact.
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