Jindal Steel has received an order from the Addl. Commissioner, CGST & Central Excise, Rourkela Commissionerate, demanding an excess Input Tax Credit (ITC) of ₹8,41,20,475. The alleged claim and utilization occurred between June 2020 and March 2022. The company is currently evaluating the order and is considering filing an appeal, stating the amounts involved are not material and unlikely to impact its financial performance.
Jindal Steel Receives Tax Order
Jindal Steel Limited announced that it has received an order from the Addl. Commissioner, CGST & Central Excise, Rourkela Commissionerate. This order pertains to alleged excess Input Tax Credit (ITC) claimed and utilized by the company, beyond what was reported in GSTR-2A.
Details of the Demand
The alleged contravention involves the availment and utilization of excess ITC amounting to INR 8,41,20,475/- during the period from June 2020 to March 2022. The order mandates recovery under Section 74(1) of the CGST Act, along with confirmed interest under Section 50 of the CGST Act. Additionally, a penalty of INR 8,41,20,475/- has been imposed under Sections 74 & 122 of the CGST Act.
Company’s Response
The company is currently evaluating the order and stated that it will take necessary action, which may include filing an appeal, as deemed appropriate. Jindal Steel Limited has also indicated that the amounts involved in this matter are not considered material and are not expected to have any significant impact on the company’s financial, operational, or other activities.
Source: BSE
