GST Authorities Propose Rs 15.41 Crore Demand Against Nuvoco Vistas’ Subsidiary Over ITC, Credit Notes:

Nuvoco Vistas Corporation Limited has disclosed the receipt of a show cause notice (SCN) by its wholly owned subsidiary of the company, NU Vista Limited, proposing denial of Input Tax Credit (ITC) in relation to different inputs, viz., civil construction, toll charges, canteen, etc.

Furthermore, denial of reduction in output tax liability arising from credit notes issued towards sales returns and post-sale discounts has been proposed in the notice.

The said notice has been passed by the Joint Commissioner, CGST, Durgapur Audit Commissionerate, West Bengal. The company has stated that it will file a detailed reply to the notice.

According to the notice, the aggregate proposed GST demand is Rs 15.41 crore, belonging to four distinct financial years, i.e., from the FYs 2020-21 to 2023-24.

The company has claimed that the present action will not have any major impact on its financial, operational and business operations, as the company believes that it has all relevant documents/evidence to support its position and, hence, is confident enough to present its side.

The company strongly believes that upon submission of the evidence available with them, the matter will be appropriately resolved. Nuvoco Vistas Corporation Limited has made the aforementioned disclosure to the National Stock Exchange of India Limited (NSE) and Bombay Stock Exchange Limited (BSE), in pursuance of Regulation 30 of SEBI [Listing Obligations and Disclosure Requirements] Regulations, 2015, vide an Intimation dated August 25, 2026.