EKC Receives GST Order: ₹5.34 Lakh Penalty, ₹43.25 Lakh Interest for FY22 ITC Mismatch
Everest Kanto Cylinder Limited (EKC) has received an order under Section 73 of the Goods and Services Tax (GST) Act, 2017, from the Office of the Deputy Commissioner, Lucknow. The order, dated Decemb...
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Why is Everest Kanto Cylinder Limited in the news today?
Everest Kanto Cylinder Limited (EKC) is in the news due to the company has been levied a penalty and interest by the gst authorities, which is a negative development.
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EKC Receives GST Order: ₹5.34 Lakh Penalty, ₹43.25 Lakh Interest for FY22 ITC Mismatch
December 31, 2025, 10:35 AM
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Everest Kanto Cylinder Limited (EKC) has received an order under Section 73 of the Goods and Services Tax (GST) Act, 2017, from the Office of the Deputy Commissioner, Lucknow.
The order, dated December 31, 2025, pertains to a mismatch in input tax credit (ITC) for the financial year 2021-2022. The company has been levied a penalty of ₹5,34,046 and interest of ₹43,25,773 on an ITC amount of ₹53,40,460.
According to the company, the ITC mismatch occurred because the relevant bill of entry (BOE) was not reflecting on the GST portal due to technical errors. EKC stated that the expected financial implications on the company are nil, as they intend to file a rectification application and/or appeal within the prescribed time upon reflection of the BOE on the GST portal.
The company has been directed to make the payment by March 31, 2026, failing which proceedings will be initiated to recover the outstanding dues.
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