Prudent Corporate Advisory Services Ltd. has received a notice from the Directorate General of Goods & Service Tax Intelligence (DGGI), Ahmedabad. The notice concerns alleged discrepancies in input tax credit claims during the financial years 2021-22 and 2022-23. The company has stated it is currently reviewing the communication and plans to respond within the mandated timelines, while emphasizing that it does not expect any material impact on its ongoing operations or financial health.
Notice Details and Allegations
The company confirmed receiving a notice issued under Form GST DRC-01, pertaining to the 2021-22 and 2022-23 financial years. The authorities have raised concerns regarding the alleged contravention of Section 16(i) of the CGST Act, read with Section 17(2) and (3), specifically related to the availing of ineligible input tax credit.
Financial Implications
The tax amount involved in the notice is ₹3,71,61,875. In addition to the principal tax liability, the notice includes provisions for interest as per Section 50 of the CGST/SGST/IGST Act, 2017, and penalties under Section 74(1), read with Section 122 of the same acts.
Management Stance
Prudent Corporate Advisory Services Ltd. received this communication on April 21, 2026. The management is actively reviewing the content of the notice and intends to provide a comprehensive response within the stipulated timeframe. The company maintains that it does not foresee any material adverse effect on its financial position, operational performance, or its day-to-day business activities resulting from this development.
Source: BSE
