JSW Steel Limited has received an from the Office of Assistant Commissioner of Central Tax, Hosapete Division (GST Department) demanding a tax of ₹ 1,29,36,981 along with Interest and Penalty of ₹ 1,24,72,581 and ₹ 1,29,36,891, respectively, said JSW Steel in an exchange filing.
The matter relates to the FY 2017-18, wherein JSW suo-moto reversed the Input Tax Credit (ITC) on a monthly basis as required under rule 42 of CGST Rules, 2017 and thereafter recomputed the total ITC reversals on an annual basis in terms of the requirement of the said rule.
The Company re-claimed the excess amount of reversed ITC in July 2019 as the aggregate of monthly ITC reversals during 2017-18 exceeded the required annual ITC reversals.
The re-claim of ITC was disallowed on the ground that it has been availed beyond the allowed time limit under Rule 42 (2) (b) of the CGST Rules, 2017.
The company is likely to challenge the order. “The Company will take appropriate steps including filing an appeal,” JSW Steel said in an exchange filing.
The disclosure was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Source #ET
