Jagran Prakashan Limited — Important, 18-11-2024: General Updates

The company has received Show Cause Notices (SCN) from the Joint Commissioner, State GST, Kanpur, regarding an alleged GST demand of ₹1.62 crore and a penalty of ₹0.162 crore for the period April 2020 to March 2021. The SCN claims discrepancies in taxable turnover reported in GSTR-1 compared to GSTR-3B, the entitlement of Input Tax Credit, and various reconciliations. However, the company, based on legal counsel, maintains a strong case and does not foresee any material impact on its financials or operations. The company plans to respond appropriately within the prescribed timelines and explore other legal options. Investors should remain attentive to developments, although current assessments suggest a non-material risk to overall business performance.