Eureka Forbes receives Rs 273 crore GST notice from Uttar Pradesh

Eureka Forbes Limited has received a show-cause notice from the Uttar Pradesh GST department proposing a tax demand of Rs 273.40 crore for the 2022-23 fiscal year. The notice, issued by the Deputy Commissioner of State Tax in Lucknow, includes an alleged GST liability of Rs 149.21 crore, interest of Rs 109.27 crore, and a penalty of Rs 14.92 crore.

In a regulatory filing, the health and hygiene products manufacturer stated that the demand appears to have been calculated using pan-India financial data from its audited FY23 statements without establishing specific transaction-level tax liabilities linked to its Uttar Pradesh registration.

The company maintains that the notice is “devoid of merits” and “not sustainable on facts or in law or in procedure.” Eureka Forbes intends to contest the notice comprehensively and stated it does not expect the matter to have a material impact on its financials, operations, or other business activities.