Shashijit Infraprojects Limited has disclosed receiving a significant GST order from tax authorities, demanding reversal of Input Tax Credit and imposing penalties totaling over ₹25.00 crores. The company made this disclosure under Regulation 30 of the SEBI Listing Regulations on December 31, 2025.

GST Order Details

The company received Order No. 04/GST/DIV-X/R-I/SUPDT/VS/2025-26 dated December 30, 2025, from the Superintendent, CGST & Central Excise, Range-I, Division-X, Daman Commissionerate. The order confirms demand towards reversal of Input Tax Credit amounting to ₹12.93 crores along with an equal penalty amount under Section 74 of the CGST Act, 2017.

Nature of Alleged Violation

According to the GST order, the company allegedly wrongly availed Input Tax Credit aggregating to ₹12.93 crores during FY 2019-20 from suppliers whose GST registrations were cancelled retrospectively. The detailed breakdown of the disputed ITC includes:

The authorities allege this contravenes Section 16(2) of the CGST Act, 2017, making the company liable for recovery of ITC along with interest and penalty under applicable provisions.

Company's Response Strategy

Based on internal assessment, Shashijit Infraprojects is planning to file an appeal before the appropriate appellate authority under Section 107 of the CGST Act, 2017. The company has indicated it will challenge the order through proper legal channels available under the GST framework.

Regulatory Compliance

The disclosure was made in compliance with SEBI Listing Regulations and SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023. The company has also made this information available on its website at www.shashijitinfraprojects.com , ensuring transparency with stakeholders regarding this significant regulatory development.

Shashijit Infraprojects Limited, a construction engineering firm, has repaid a defaulted loan amount of Rs 3.30 lakh to banks and financial institutions on December 8, 2025. This repayment addresses the company's previous default, demonstrating its commitment to meeting its financial obligations.

Default Details and Repayment

The company provided the following information regarding the default and subsequent repayment:

Company's Statement

Shashijit Infraprojects acknowledged that while the default may affect its credit score, it does not anticipate any material impact on the company or its financials, given the prompt repayment. The company stated that the repayment itself serves as the corrective measure to address the default.

Looking Forward

The timely resolution of this default suggests that Shashijit Infraprojects is taking steps to manage its financial obligations effectively. The company's ability to meet its financial commitments will remain an important factor for stakeholders to consider.