Harish Textile Engineers Ltd Receives GST Scrutiny Notice for FY 2022-23
Harish Textile Engineers Limited has received a notice from the Office of the Assistant Commissioner of State Tax, Unit 74, Vapi, regarding a scrutiny of its tax records for the financial year 2022-23. The notice, issued under Section 73 of the Central Goods and Services Tax Act, 2017, pertains to the period from April 2022 to March 2023.The authority has identified discrepancies between the taxable values reported in E-Way Bills and those declared in Form GSTR-1. Additionally, the notice alleges an excess availment of Input Tax Credit (ITC). The scrutiny proposes a financial implication involving tax amounts, interest, and penalties as detailed below:
| Category | Amount |
|---|---|
| Alleged Excess Input Tax Credit (ITC) | Rs. 9,09,220/- |
| Proposed Interest under Section 50 | Rs. 6,20,561/- |
| Proposed Penalty under Sections 73(9)/73(11) | Rs. 10,92,284/- |
The company has stated that the notice is currently a scrutiny notice seeking clarification and does not constitute a final demand, penalty, or adverse order at this stage. Consequently, there is no immediate quantifiable financial impact on the operations of the listed entity.
Management is currently examining the observations presented in the notice. The company intends to submit a formal reply supported by necessary documentation within the designated timeline.
Stock Price Movement
Harish Textile Engineers Ltd shares settled at ₹66.97 on Friday, pulling back 0.53% in the closing session. The stock navigated a wide swing between an intraday low of ₹65.20 and a high of ₹67.48.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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