Everest Industries: GST Demand Reduced by ₹55.67 Crore to ₹39.13 Lakh
Everest Industries Limited has received an order from the Deputy Commissioner of State Goods and Service Tax, Balasore, Odisha, concerning a Show Cause Notice (SCN) dated September 26, 2025. Previous...
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Why is Everest Industries Limited in the news today?
Everest Industries Limited (EVERESTIND) is in the news due to the tax demand has been significantly reduced, which is a positive development for the company, even though they plan to contest the remaining amount.
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Everest Industries: GST Demand Reduced by ₹55.67 Crore to ₹39.13 Lakh
December 31, 2025, 01:07 PM
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More Details on This News
Everest Industries Limited has received an order from the Deputy Commissioner of State Goods and Service Tax, Balasore, Odisha, concerning a Show Cause Notice (SCN) dated September 26, 2025.
Previously, the company had responded to the SCN. The order received on December 31, 2025, has significantly reduced the tax demand. The original demand of ₹56,06,00,928 has been lowered to ₹39,13,383 under Section 73 of the Central GST Act, 2017, SGST Act, 2017, and IGST Act, 2017. This represents a reduction of ₹55,66,87,545.
Additionally, the order imposes interest of ₹26,05,347 and a penalty of ₹3,91,338. The company plans to contest this order regarding the reduced tax demand, interest, and penalty amounts.
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