Acme Solar Holdings Limited has received a significant show cause cum demand notice from GST authorities, alleging short payment of taxes worth approximately Rs 149.73 crores. The renewable energy company disclosed this development to stock exchanges on March 29, 2026, in compliance with regulatory requirements.

GST Demand Notice Details

The show cause cum demand notice was issued by the Office of the Directorate General of Goods & Services Tax Intelligence, Jaipur Zonal Unit, Rajasthan, dated March 23, 2026, and received by the company on March 28, 2026. The notice has been issued under the CGST Act, 2017 and RGST Act, 2017.

Nature of Allegations

The GST Intelligence has alleged short payment of GST on supply of goods and services related to solar power generating systems. The demand covers a four-year period from April 2021 to March 2025, with the total GST demand aggregating to approximately Rs 149.73 crores, along with applicable interest and penalty.

Industry-Wide Issue

According to the company's disclosure, based on publicly available information, the GST department has issued similar notices to several other renewable energy companies. Such demands are currently being contested before various judicial forums across the country, indicating this may be part of a broader scrutiny of the renewable energy sector's GST compliance.

Company's Response Strategy

Acme Solar Holdings is taking a measured approach to address the notice:

• Reviewing the show cause notice with tax and legal advisors
• Planning to contest the matter before appropriate forums as advised
• Expects no immediate financial or operational impact from the notice

The company has emphasized that it does not anticipate any immediate financial or operational disruption due to this GST demand notice, suggesting confidence in its position and the contestability of the allegations.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015. The company provided detailed information as required under the SEBI Master Circular, ensuring full transparency with stakeholders regarding this material development.

ACME Solar Holdings has officially commissioned the third phase of its 11.429 MW / 51.354 MWh Battery Energy Storage System (BESS) project in Rajasthan through its wholly owned subsidiary ACME Surya Power Private Limited. The company announced this milestone in a regulatory filing under Regulation 30 of SEBI listing regulations.

Project Commissioning Details

The third phase commissioning represents continued progress in the company's renewable energy infrastructure development. The Commercial Operation Date (COD) for Phase III has been set for March 31, 2026.

Project Progress and Capacity

With the commissioning of Phase III, ACME Surya Power Private Limited has achieved a total commissioned capacity of 107.143 MW / 481.440 MWh out of the project's full capacity of 250 MW / 1103.392 MWh. This follows the successful commissioning of earlier phases, demonstrating the company's systematic approach to project development and execution.

Strategic Location and Infrastructure

The BESS project continues to be strategically located at Village Jaimalsar in Bikaner district, Rajasthan. The state's supportive renewable energy policies and abundant solar resources make it an ideal location for large-scale energy storage infrastructure. The project's substantial capacity positions it as a significant contributor to grid stability and renewable energy integration in the region.

Regulatory Compliance

The announcement was made through a formal communication to both BSE Limited and National Stock Exchange of India Limited, demonstrating the company's commitment to transparent disclosure practices. The filing was signed by Rajesh Sodhi, Company Secretary and Compliance Officer, ensuring proper regulatory compliance under SEBI listing obligations.