The total amount is ₹202.77 crore, comprising tax of ₹69.19 crore, interest of ₹64.39 crore, and penalty of ₹69.19 crore. Shares of Bansal Wire Industries Ltd ended at ₹318.60, down by ₹2.05, or 0.64%, on the BSE today, December 2.

Bansal Wire Industries gets GST notice of ₹203 crore for FY21

Bansal Wire Industries Receives ₹202.77 Crore Show-Cause Notice

Bansal Wire Industries Ltd, a leading manufacturer of stainless steel wire, has received a show-cause notice from the Joint Commissioner, SGST, Corporate Circle-I, Ghaziabad Zone-I, Uttar Pradesh, for goods & services tax, interest, and penalty for the financial year 2020-21.

Notice Details:

Amount: ₹202.77 crore
Tax: ₹69.19 crore
Interest: ₹64.39 crore
Penalty: ₹69.19 crore

The notice relates to issues involving e-way bills, availment of blocked and excess input tax credit (ITC), and non-payment of tax on the sale of RODTEP licences. Bansal Wire Industries believes the claims are untenable and intends to file an appropriate response within the prescribed timelines.

Company Statement:

"The company is of the view that the show-cause notice is untenable and has no merit, and the company shall make its appropriate response before the appropriate authority within the seven-day timeline. There is no material impact on financial, operational, or other activities of the company arising from the said SCN," according to a stock exchange filing.