Home / Business and Economy / Bansal Wire Faces ₹202 Crore GST Demand
Bansal Wire Faces ₹202 Crore GST Demand
2 Dec
Summary
- Bansal Wire received a GST notice for ₹202.77 crore.
- The notice includes tax, interest, and penalty claims.
- The company believes the claims are untenable and will respond.
Bansal Wire Industries has been served a substantial show-cause notice from the Joint Commissioner, SGST, in Uttar Pradesh. The notice demands a total of ₹202.77 crore, broken down into ₹69.19 crore for tax, ₹64.39 crore for interest, and ₹69.19 crore as penalty. These charges pertain to the financial year 2020-21 and involve issues such as e-way bills, input tax credit, and RODTEP license non-payment.
The company firmly contests the validity of these claims, viewing the notice as untenable and without merit. Bansal Wire Industries intends to submit a comprehensive response to the authorities within the stipulated seven-day period. Crucially, the company has assured stakeholders that this notice will not materially affect its financial standing, day-to-day operations, or other business activities.
This situation follows a similar notice for the previous financial year, FY2019-20, which was resolved with a minimal financial implication. Bansal Wire Industries has previously reported a 28% rise in revenue for Q2, though its net profit saw a slight dip of 4.3%. The company's shares closed at ₹318.60 on December 2, reflecting a minor decrease.
