V-Guard Industries Receives GST Show Cause Notice Over Alleged Excess ITC Claim
V-Guard Industries Limited, a prominent Indian manufacturer specialising in electrical products, recently issued a disclosure to the BSE Ltd and NSE Ltd regarding receipt of a Show Cause Notice.
Backstory of the case
The company stated that it has received a Show Cause Notice from the Joint Commissioner of CGST under Section 74(1) of the CGST Act, 2017, in relation to the alleged availment of excess Input Tax Credit (ITC). The show cause notice proposes the levy of a penalty under Section 74(1) and interest under Section 50(3). However, it does not mention any penalty or interest.
Key details
| Particular | Details |
| Issuing Authority | Joint Commissioner, CGST, Audit Commissionerate, Dehradun |
| Financial Years | 2020-21 to 2023-24 |
| Date of receipt | April 14, 2026 |
| Expected Financial Implication | Short payment of GST communicated: INR 17,75,91,197 |
Company’s Further Step
The company believes it has strong grounds to contest the observations mentioned in the notice and is currently evaluating the show-cause notice. The company will take appropriate steps.
Company’s disclosure
The company made the above disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations).
