HEG shares slip nearly 2% today after GST department issues Rs 282 crore show cause notice
Shares of HEG Limited declined by 1.43% or Rs 7.35 to trade at Rs 506 on the NSE during early Tuesday trade after the company disclosed a fresh tax development. The stock had closed at Rs 513.35 in the previous session.
HEG informed the stock exchanges that it has received a show cause notice from the Office of the Deputy Commissioner (SGST), Mandideep Circle, Bhopal Division-2, related to the financial year 2018-19. The notice, dated June 30, 2025, seeks recovery of Rs 282.34 crore towards Integrated GST (IGST) refunds along with applicable penalties.
The tax demand is based on alleged non-compliance with Rule 96(10) of the Central Goods and Services Tax Rules, 2017. HEG, however, stated that it will file a formal reply contesting the demand, claiming its IGST refunds for FY19 are in order.
The company further noted that it faced a similar notice for FY18, which was later dropped by the GST department after review. HEG expressed confidence that the current matter would also be resolved in its favour.
HEG's stock movement reflects investor caution following the disclosure. The final financial impact, if any, will depend on the outcome of the ongoing proceedings.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
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Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
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