Lakshmi Electrical Control Systems Receives Show Cause Notices from GST Authorities
Lakshmi Electrical Control Systems Limited (LAKSELEC) has reported the receipt of two Show Cause Notices (SCN) from the Office of the Assistant Commissioner, GST, concerning the company's tax compliance. Both notices pertain to different financial years: 2022-2023 and 2023-2024.The company confirmed that the expected financial implications of both notices do not constitute a material impact on its financials, operations, or other activities.
The notices were received on May 7, 2026, and address various compliance issues, including short payment of tax under RCM, and requirements for documentary proof related to exempted, nil-rated, and non-GST supplies, as well as ITC reversals.
Details of Show Cause Notices Received
The two notices cover distinct financial periods and present differing demands:| Feature | Notice 1 (FY 2022-2023) | Notice 2 (FY 2023-2024) |
|---|---|---|
| Period Covered | Financial Year 2022-2023 | Financial Year 2023-2024 |
| Authority | Office of the Assistant Commissioner. GST. | Office of the Assistant Commissioner. GST. |
| Total Demand Amount | Rs. 1,56,88,534/- | Rs. 3,92,93,425/- |
| Tax Component | Rs.1,41,40,145/- | Rs.3,57,21,295/- |
| Penalty Component | Rs. 14,34,015/- | Rs. 35,72,130/- |
| Other Components | Cess: Rs. 2,922/-; Interest: Rs. 1,11,452/- | None specified |
| Key Aberrations | Short payment of tax under RCM, Proof for Exempted I Nil rated I Non-GST supplies, ITC reversals, Documentary Proof for Credit Notes | Short payment of tax under RCM, Proof for Exempted I Nil rated/Non-GST supplies, Details of Turnover reported in GSTR Forms, ITC reversals, Documentary Proof for Credit Notes & ITC Claimed |
Company Action
In response to the received communications, the company stated that it is currently in the process of compiling and filing the necessary replies and explanations required to substantiate its case with the GST Authorities.The company noted that while the notices were initially received in the spam folder of the email account, they were retrieved and verified, leading to the intimation being reported on the date of filing.
Stock Price Movement
As of 15:00, shares of Lakshmi Electrical Control Systems Ltd are ticking down, currently trading at ₹780.00, marking a 1.48% decline for the day. The stock showed a definite intraday range, oscillating between a low of ₹780.00 and a high of ₹791.00.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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