V-Guard Receives ₹1.24 Crore GST Demand Orders for Alleged Non-Generation of E-Way Bills on Credit Notes

V-Guard Industries Ltd., a leading consumer electricals company, has reported that it received two separate GST demand orders from the Commercial Tax Officer, Coimbatore, Tamil Nadu. The combined tax liability, including penalties, amounts to over Rs. 1.24 crore, with additional interest applicable under the GST law.

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The company stated that the demand pertains to the non-generation of e-way bills for credit notes issued during FY 2021–22 and FY 2022–23.

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According to the details provided:

• The first order, relating to FY 2021–22, raises a demand of Rs. 52,39,244 (Rs. 26,19,622 each for tax and penalty).
• The second order, for FY 2022–23, demands Rs. 71,97,710 (Rs. 35,98,855 each for tax and penalty).

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Interest on both amounts has not been quantified yet but will be levied under Section 74 of the CGST Act, which pertains to tax evasion and fraud-related violations.

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V-Guard stated that it is evaluating the appropriate course of action in response to the orders. While the financial exposure is notable, the company clarified that the situation is not immediately disruptive to its ongoing operations.

As of the close of trading on April 30, 2025, V-Guard’s equity shares (ISIN: INE951I01027) recorded a Volume Weighted Average Price (VWAP) of Rs. 360.88, with the stock opening at Rs. 360.80 and touching an intraday high of Rs. 363.90 before dipping to Rs. 353.60 during the session. The previous close stood at Rs. 360.00.

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