ScoutQuest •
Bihar State Tax authority issued a Show Cause Notice to Nuvoco Vistas' wholly owned subsidiary, NU Vista Limited, with a proposed demand of Rs 10,70,08,912, plus interest and 10% penalty for FY 2022-23 under Section 73 of the CGST Act.
Issues raised include denial of brought-forward ITC, temporarily reversed ITC, and tax on advances for goods. The company will file a reply and expects no major financial impact.