CEAT Gets Rs 1.98 Crore GST Notice – News18

Tyre maker CEAT Ltd on Thursday stated it has acquired a requirement discover of Rs 1.98 crore for GST, together with a penalty from the Additional Commissioner, CGST, and Central Excise.

The demand pertains to the disallowance of transitional credit score and Trans2 credit score below the relevant provisions of the CGST Act, 2017, the corporate stated in a regulatory submitting. The Additional Commissioner, CGST & Central Excise, Vadodara-II, issued the order for a requirement of Rs 1.80 crore, together with a penalty of Rs 18 lakh, it added.

“The company is in the process of analysing the matter and taking appropriate action for an appeal to be filed with the appellate authority,” CEAT Ltd stated. On the affect on monetary, operation or different actions of the corporate quantifiable in financial phrases to the extent potential, CEAT stated, “(It is) not ascertainable at this stage.”

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