Prince Pipes receives notice from Karnataka tax office regarding Rs 65.94 lakh in alleged ITC discrepancies

Prince Pipes and Fittings Limited has received a Show Cause cum Demand Notice dated September 29, 2026, from the Office of the Commercial Tax Officer in Karnataka, pertaining to the financial year 2022-23. The notice, issued under Section 73 of the CGST/KGST Act, 2017, alleges issues related to outward tax in E-way Bills and claimed Input Tax Credit (ITC), totaling Rs 65,93,632, comprising Rs 39,62,120 in IGST, Rs 13,15,756 in CGST, and Rs 13,15,756 in SGST. According to the company's assessment, the demand is not maintainable, and Prince Pipes intends to submit a reply within the prescribed timeframe, anticipating no significant impact on its financial or operational activities.