Mumbai, February 28, 2025 – Prince Pipes and Fittings Limited (NSE: PRINCEPIPE, BSE: 542907) has received a demand order from the Additional Commissioner, Central GST Commissionerate, Dehradun, for an aggregate amount of ₹14.46 crore under the CGST/UKGST Act, 2017, for the financial year 2020-21.
Key Details of the GST Demand Order:
- Issuing Authority: Additional Commissioner, Central GST Commissionerate, Dehradun (Meerut CBIC, Uttarakhand)
- Date of Order: February 27, 2025
- Total Demand:₹14.46 crore, comprising:
- IGST: ₹12.98 crore (including ₹1.29 crore penalty)
- CGST: ₹0.84 crore (including ₹0.08 crore penalty)
- SGST: ₹0.84 crore (including ₹0.08 crore penalty)
- Nature of Allegation: Disallowance of certain GST credits and discrepancies between GST paid in GSTR-3B and GST reported in e-way bills for FY 2020-21.
Company's Response:
Prince Pipes stated that it believes the demand is not maintainable and is currently evaluating legal options, including filing an appeal against the order. The company emphasized that it does not anticipate any material financial or operational impact from the demand.The announcement was made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.