UCAL Limited has received a show cause notice from the Assistant Commissioner (ST), Ambattur Assessment Circle, regarding GST Input Tax Credit (ITC) details for the financial year 2023-24. The company disclosed this development under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Notice Details and Requirements

The show cause notice was received by the company on April 24, 2026. The tax authorities have requested specific documentation related to GST compliance for the year 2023-24.

Compliance Requirements

The authorities have alleged that UCAL Limited has not furnished complete invoice-wise details as required under GST regulations. The specific requirements include:

• Invoice-wise details of ITC claimed as per 4 A (5) of GSTR 3B
• Month-wise details of claim periods
• Invoice-wise details of ITC reversed as per 4 B (2) of GSTR 3B
• Complete documentation for the financial year 2023-24

The authorities have provided the company with an opportunity to be heard in this matter.

Company's Response and Impact Assessment

UCAL Limited has assessed the situation and provided its position on the notice. The company maintains that there is no material impact on its financial, operational, or other activities due to the issuance of this show cause notice.

The company believes that the show cause notice has no merits and plans to respond comprehensively. UCAL Limited will furnish the invoice-wise details of ITC claimed as per 4 A (5) of GSTR 3B along with month of claim and invoice-wise details of ITC reversed as per 4 B (2) of GSTR 3B for the year 2023-24 before the GST Authority within the prescribed timelines with the required evidence substantiating its position.

UCAL Limited has disclosed receiving a show cause notice from GST authorities regarding discrepancies in its tax filings for the financial years 2022-23 and 2023-24. The company made this disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 on 09.04.2026.

Show Cause Notice Details

The notice was issued by the Assistant Commissioner (ST), Ambattur Assessment Circle, Commercial Tax Department. The company received the communication on 09.04.2026, requiring it to furnish a reply along with proof of records, documentary evidence, and proof of payment regarding various discrepancies noticed in GST returns and statements.

Alleged Violations

The authorities have identified several areas of concern in UCAL Limited's GST compliance. The alleged discrepancies span multiple aspects of GST filing and payment obligations for the two financial years under review.

The specific violations alleged include:

• Short payment of tax on outward supplies
• Differences in turnover reporting
• Short payment of tax under Reverse Charge Mechanism (RCM)
• Issues related to Input Tax Credit (ITC) reversal
• Discrepancies in credit notes
• E-way bill reconciliation problems

Company's Response and Impact Assessment

UCAL Limited has assessed that there is no material impact on its financial, operational, or other activities due to the issuance of this show cause notice. The company maintains a confident stance regarding the allegations made by the tax authorities.

The company has been provided an opportunity to be heard and file objections against the allegations. UCAL Limited plans to file a detailed reply with facts, figures, and justifications to counter the show cause notice before the GST Authority within the prescribed timelines, supported by required evidence to substantiate its position.

Regulatory Compliance

This disclosure was made in compliance with SEBI regulations, demonstrating the company's commitment to transparency with stakeholders. The company has informed both the National Stock Exchange of India Limited and BSE Limited about the development as required under listing obligations.