NIS Management Ltd Receives GST Notice Regarding Discrepancies in Financial Years
NIS Management Ltd recently received a notice from the Goods and Services Tax (GST) Department detailing alleged discrepancies in its GST returns. The notice, issued in Form GST ASMT-10 and dated April 15, 2026, was received by the company at its registered office on April 2, 2026. The document seeks clarification and potential payment regarding observed discrepancies in the company's GST filings.The notice initiates a review by the GST authorities, requiring NIS Management Ltd to address the observed discrepancies. The company stated it is currently examining the contents of the notice and plans to submit a comprehensive response, including necessary clarifications, in Form GST ASMT-11 within the prescribed timelines.
The dispute, addressed by the GST authorities, pertains to financial years 2022-23. The details of the alleged discrepancies are summarized as follows:
| Opposing Party & Forum | Brief Background of Dispute | Financial Implications |
|---|---|---|
| Opposing Party: Superintendent of CGST &CX Kolkata, GST Department | Allegations: The GST authorities have pointed out discrepancies for FY 2022-23. These include an excess claim of Input Tax Credit (ITC) in GSTR-3B compared to GSTR-2B, and a mismatch between reported revenue and turnover in GSTR-9. The authorities also indicated issues regarding the non-reversal of ITC as per Rule 42 and Rule 43, along with potential liability for late fees under Section 47 and interest under Section 50 of the CGST Act, 2017. | Current Status: The matter is at a preliminary stage, and no final demand liability has been determined. The company is reviewing and reconciling the observations and expects the issue to be resolved upon filing the necessary reconciliations with the Department as per ASMT 11. Consequently, no material financial impact is currently ascertainable. |
| Forum/Tribunal: GST Department | Quantum of Claims: Same as mentioned above. |
NIS Management Ltd expects that by filing the necessary reconciliations with the Department as per ASMT 11, the dispute should reach a resolution. The company confirmed that no final demand liability has been determined at this stage, and currently, no material financial impact is ascertainable.
Stock Price Movement
NIS Management Ltd shares settled at ₹58.20 on Monday, marking a 3.00% drop for the day. The stock fluctuated significantly throughout the trading session, moving between an intraday low of ₹54.00 and a high of ₹58.20.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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