Valiant Laboratories Limited has received a Show-Cause Notice dated January 14, 2026, from the Office of the Commissioner of CGST & Central Excise (Audit), Raigad, Vashi, Navi Mumbai.

The notice, received via email on Wednesday, January 14, 2026, at 15:52 IST, pertains to alleged issues under the CGST Act, 2017, and SGST Act, 2017.

The primary disputes include: ineligible Input Tax Credit (ITC) on IPO expenses amounting to approximately ₹2.85 Crore, a turnover mismatch of approximately ₹9.31 Crore for FY 2021-22 due to a discrepancy between financial statements and GSTR-3B returns during the transition from partnership firm 'Bharat Chemicals' to 'Valiant Laboratories Ltd', and alleged non-payment of GST on a Corporate Bank Guarantee of ₹100 Crore provided to a related party, M/s. Valiant Advanced Services Pvt Ltd, valued at 2% per annum, resulting in a demand of approximately ₹36 Lakhs.

The Show-Cause Notice proposes a total GST demand of approximately ₹12,53,22,846 (₹12.53 Crores), along with applicable interest and penalties under Sections 50, 74, and 122 of the CGST Act, 2017.