Shares of MOIL will be in focus after the company disclosed that it has received a GST demand order worth Rs 2.57 crore from the Joint Commissioner of State Tax, Madhya Pradesh, related to alleged mismatches in GST filings for FY22.
In a regulatory filing dated Wednesday, December 31, MOIL informed stock exchanges that the order was passed under Section 73(9) of the CGST/SGST Act, 2017, through Form GST DRC-07, covering the period from April 2021 to March 2022 .
Details of the GST demand
According to the disclosure, the demand arises from alleged discrepancies and excess or ineligible claims linked to:
- GSTR-3B versus GSTR-9
- GSTR-1 versus GSTR-3B
- GSTR-2A versus inward E-Way Bill data
The total demand amounts to Rs 2,56,79,562, which includes GST and penalty components.
Company response
MOIL stated that the demand does not have any immediate operational impact on the company. It further clarified that it is currently examining the order and will take appropriate legal steps, including filing an appeal within the prescribed timeline under the GST Act.
The company also confirmed that the disclosure has been made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Why the stock is in focus
While the GST demand size is relatively modest in the context of MOIL’s operations, the development places the stock on investors’ radar as markets track regulatory matters, potential appeals, and any future financial implications.
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