Latest news with #CGSTGurugram
Economic Times
02-07-2025
- Business
- Economic Times
SBI Cards shares in focus after GST show cause notice on input tax credit
Shares of SBI Cards and Payment Services are in focus after the firm disclosed a GST show cause notice for alleged wrongful ITC claims worth Rs 81.93 crore for FY19 to FY21. The notice cites mismatches in tax filings and issues with vendors' GST compliance. SBI Cards asserts its claims are valid and expects a favourable resolution. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads SBI Cards share price target Shares of SBI Cards and Payment Services will be in focus on Wednesday after the company disclosed that it has received a show cause notice from the Additional Commissioner (East 1), CGST Gurugram , regarding alleged wrongful input tax credit (ITC) claims amounting to Rs 81.93 notice, dated June 30, 2025, pertains to the assessment period from FY 2018–19 to 2020–21 and was disclosed in a stock exchange filing on July to the notice, Rs 81.45 crore of the proposed disallowance relates to mismatches between GSTR-2A and GSTR-3B filings. An additional Rs 47.53 lakh pertains to ITC claimed on supplies from vendors whose GST registrations were either cancelled retrospectively or who failed to file GSTR-3B total demand has been raised under Section 74(1) of the Central Goods and Services Tax Act, 2017, along with corresponding provisions of the SGST and IGST Acts. SBI Cards has been directed to respond within 30 days, explaining why the ITC should not be recovered along with interest under Section 50 and a penalty equal to the amount the disputed ITC, Rs 63.55 crore falls under IGST, Rs 8.89 crore under CGST, and Rs 8.99 crore under Cards stated that it has availed ITC in accordance with applicable GST laws and is confident that the demand will not hold. The company stated that it has a strong case on merit and expects a favorable to Trendlyne, the average target price for SBI Cards is Rs 903, indicating a 3% downside from current levels. The stock carries a 'Hold' rating based on consensus from 25 the previous session, SBI Cards shares closed 2% lower at Rs 932.3. The stock has surged 38% year-to-date and 29% over the past year. The company's market capitalisation stands at Rs 88,715 crore.
Time of India
02-07-2025
- Business
- Time of India
SBI Cards shares in focus after GST show cause notice on input tax credit
Shares of SBI Cards and Payment Services will be in focus on Wednesday after the company disclosed that it has received a show cause notice from the Additional Commissioner (East 1), CGST Gurugram , regarding alleged wrongful input tax credit (ITC) claims amounting to Rs 81.93 crore. The notice, dated June 30, 2025, pertains to the assessment period from FY 2018–19 to 2020–21 and was disclosed in a stock exchange filing on July 1. According to the notice, Rs 81.45 crore of the proposed disallowance relates to mismatches between GSTR-2A and GSTR-3B filings. An additional Rs 47.53 lakh pertains to ITC claimed on supplies from vendors whose GST registrations were either cancelled retrospectively or who failed to file GSTR-3B returns. The total demand has been raised under Section 74(1) of the Central Goods and Services Tax Act, 2017, along with corresponding provisions of the SGST and IGST Acts. SBI Cards has been directed to respond within 30 days, explaining why the ITC should not be recovered along with interest under Section 50 and a penalty equal to the amount claimed. Of the disputed ITC, Rs 63.55 crore falls under IGST, Rs 8.89 crore under CGST, and Rs 8.99 crore under SGST. Live Events SBI Cards stated that it has availed ITC in accordance with applicable GST laws and is confident that the demand will not hold. The company stated that it has a strong case on merit and expects a favorable outcome. SBI Cards share price target According to Trendlyne, the average target price for SBI Cards is Rs 903, indicating a 3% downside from current levels. The stock carries a 'Hold' rating based on consensus from 25 analysts. In the previous session, SBI Cards shares closed 2% lower at Rs 932.3. The stock has surged 38% year-to-date and 29% over the past year. The company's market capitalisation stands at Rs 88,715 crore. ( Disclaimer : Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Mint
02-07-2025
- Automotive
- Mint
Stocks to watch: Maruti Suzuki, Hyundai Motor, Raymond Realty, Lupin among shares in focus today
The company reported a 6% year-on-year decline in total sales for June, with sales falling to 167,993 units compared to 179,228 units in June 2024. Hyundai Motor India recorded a 13% year-on-year increase in exports, with overseas shipments accounting for 26.7% of its total sales in the first quarter of FY2026. SBI Cards announced that it has received a show cause notice from the Additional Commissioner (East 1) of CGST Gurugram, which proposes to deny input tax credit (ITC) worth ₹ 81.93 crore. Hero MotoCorp recorded total sales of 5.54 lakh units in June 2025, reflecting a 10% increase compared to the 5.03 lakh units sold in the same month last year. Norges Bank offloaded shares worth ₹ 41.5 crore in the company, while the parent entity was also involved in a flurry of deals totaling ₹ 221 crore. JSW Renew Energy Thirty Seven, a subsidiary of JSW Energy, has signed a Battery Energy Storage Purchase Agreement (BESPA) with Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RVUNL) for a standalone Battery Energy Storage System (BESS) with a capacity of 250 MW/500 MWh. Nodwin Gaming, a subsidiary of Nazara Technologies, has finalized the acquisition of a 92.3% ownership stake in AFK Gaming Pvt Ltd. The company has been issued a show cause notice by the CGST Commissionerate in Ludhiana over alleged tax dues totaling ₹ 51.87 crore. Lupin has secured approval from the US FDA for its loteprednol etabonate ophthalmic gel, a medication used after eye surgery. The company delivered robust results in the first quarter of FY2025. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
