Jay Ushin Limited receives Show Cause Notice over GST dues totaling Rs 1.21 crore
Jay Ushin Limited has received a Show Cause Notice (SCN) from the Assistant Commissioner, Goods and Services Tax in Sriperumbudur, Kancheepuram, Tamilnadu, regarding alleged discrepancies in Input Tax Credit (ITC) reconciliation for the Financial Year (FY) 2023-24.The communication, which was received on July 24, 2026, relates to matters under Section 73 of the Goods and Services' Tax Act, 2017. The notice alleges discrepancies in GST returns for FY2023-24 concerning unreconciled ITC and enable ITC variances.
The SCN has resulted in a demand of Rs. 1,21,68,632, which constitutes the GST demand excluding any applicable interest and penalty.
Key Details of the Tax Dispute
A summary of the key details related to the Show Cause Notice is provided below:| Particulars | Details |
|---|---|
| Company Name | Jay Ushin Limited |
| Type of Communication | Show Cause Notice dated July 24, 2026 |
| Issuing Authority | Assistant Commissioner, Goods and Services, Sriperumbudur, Kancheepuram, Tamilnadu |
| Applicable Period | FY 2023-24 |
| Alleged GST Demand | Rs. 1,21,68,632 (excluding interest and penalty) |
| Core Allegation | Unreconciled Input Tax Credit (ITC) variance in GST returns |
Company’s Stance and Outlook
In response to the notice, Jay Ushin Limited stated that it believes the proposed GST demand, including applicable interest and penalty, is not justified based on the facts and applicable law. The company is currently filing an appropriate reply with the GST authorities within the prescribed timeline.Regarding the financial implications of this matter, the management stated that they do not expect any material impact on the company’s financials or operations at present. Any ultimate financial consequence will be limited to the final liability determined upon the completion of the adjudication proceedings. The company maintains that its GST returns were correctly filed and had previously been audited by the CGST Department without dispute concerning the issues now raised in the Show Cause Notice.
Stock Price Movement
Jay Ushin Ltd. finished Friday lower, with the shares settling at ₹857.05 after dipping by 2.71%. The stock traded within a defined intraday range, ranging from a low of ₹857.00 to a high of ₹861.00.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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