5089062026-08-045089062026-08-04in-capmkt:AtTheTimeOfBecomingPartyToLitigationOrAssessmentOrAdjudicationOrArbitrationOrDisputeMember5089062026-08-04OppositePartyAsPerSubPara8OfParaBDomain1EVERESTIND EVEREST INDUSTRIES LIMITED508906NOTLISTEDINE295A01018Pendency of any litigation(s) or dispute(s) (Sub-para 8-Para B)At the time of becoming the party to any litigation, assessment, adjudication, arbitration or disputeNewfalse2026-08-0311:42:002026-08-04The State Goods and Services Tax (SGST) Department, Government of India2026-08-03AgencyAssistant Commissioner of State Tax, CT & GST Circle, Balasore, Odisha.Company Everest Industries LimitedThe Show Cause Notice raises the following major concerns: a) Short payment of GST due to overstating turnover adjustment in Form GSTR-9C b) Non permissibility of reduction of Tax liability on issuance of breakage credit note. c) Non-fulfilment of Conditions Prescribed under Section 15(3)(b) of the CGST Act for Claiming Reduction of Tax Liability through Credit Note for Turnover Discounts. d) Excess ITC claimed in comparison with ITC available in GSTR 2B e) Ineligible Input Tax Credit (ITC) Claimed on Blocked Credits under Section 17(5) of the CGST Act The GST Department has raised objections as stated above for the financial Year 2022-23, amounting to Total demand of Rs. 3,17,49,077/- (Tax - Rs. 1,87,60,756/- + Interest Rs. 1,11,02,255/- + Penalty Rs. 18,86,066/-) under Section 73 of CGST & OGST Act, 2017.The GST Department has issued SCN for the tax demand of Rs. 3,17,49,077/- under Section 73 of CGST & OGST Act, 2017. Since it is only a SCN at this stage, and the Company firmly believes that it maintains strong legal and factual grounds in this matter and will be taking all necessary actions to present and defend its case before the relevant authorities and address the demand, there is no expected material financial impact. The Company is in the process of preparing a response to the Show Cause Notice. The Company does not consider it likely that this potential demand will materialize as a claim against the Company and result in liability.The claim is raised for Rs. 3,17,49,077/- under Section 73 of CGST & OGST Act, 2017.