Ceat is dealing with a Goods and Services Tax (GST) demand issued by the Assistant Commissioner of State Tax in Bihar.
The Assistant Commissioner of State Tax, Bihar, has issued an order confirming a GST demand, which includes interest and /or penalties. The order, made under section 73 of the State Goods and Services Tax, 2017, pertains to the Financial Year 2018-19. It disallows Input Tax Credit of Rs. 14.13 lakh claimed on Credit Notes issued to customers, imposing interest at 18% p.a. along with a penalty of 10%.
The company is actively examining the situation and plans to file an appeal against the confirmed demand in the order. The officers of the company received a copy of the communication from the Authority as per the Materiality of Events Policy on March 7, 2024.
As the company pursues action against the order, the final impact on financial, operational, or other activities remains uncertain at this time. The company assures stakeholders that it is dedicated to resolving the matter in a diligent manner.
Source: ET Auto Economic Times
Share this content: