Harish Textile Engineers Ltd Receives Scrutiny Notice Regarding Input Tax Credit
Harish Textile Engineers Limited has received a scrutiny notice from the Office of the Assistant Commissioner of State Tax, Unit 74, Vapi, concerning its tax positions 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 authorities have alleged a short payment of tax resulting from an excess availment of Input Tax Credit (ITC) totaling Rs. 1,93,340. In addition to the tax amount, the notice proposes the levy of interest under Section 50 of the Central Goods and Services Tax Act, 2017, amounting to Rs. 1,31,959, and a penalty under Section 74 of the Act amounting to Rs. 29,001.
| Particulars | Details |
|---|---|
| Assessment Period | April 2022 to March 2023 |
| Alleged Short Payment of Tax | Rs. 1,93,340 |
| Proposed Interest (Section 50) | Rs. 1,31,959 |
| Proposed Penalty (Section 74) | Rs. 29,001 |
The company has stated that the notice is currently in the scrutiny stage and serves as a request for clarification. At this juncture, no demand, penalty, or adverse order has been passed against the entity. The management is currently examining the observations detailed in the notice to prepare a formal response.
Harish Textile Engineers Limited intends to submit a detailed reply along with the necessary supporting documentation within the stipulated timeframe. As of now, the company indicates that there is no quantifiable financial impact on its operations as the proceedings are still in the clarification stage.
Stock Price Movement
Harish Textile Engineers Ltd settled at ₹66.97 on Friday, pulling back 0.53% after the close of trade. Shares swung between a low of ₹65.20 and a high of ₹67.48 during the session.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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