Sterling and Wilson Renewable Energy Limited has received an order regarding a shortfall of taxes and mismatch of input tax for the period from April 2018 to March 2023. The total amount aggregates to approximately INR 2.96 crores, excluding penalty and applicable interest. An indemnity agreement covers this order, and the company is evaluating its next steps.
Order Details
Sterling and Wilson Renewable Energy Limited has received an order from the Additional Commissioner, CGST, Guntur, Andhra Pradesh. The order pertains to a shortfall of taxes and a mismatch of input tax for the period spanning from April 2018 to March 2023.
Financial Impact
The total amount related to the tax order is approximately INR 2.96 crores, excluding any penalty and applicable interest. This assessment reflects a detailed review of tax liabilities and input tax credits over the stated period.
Indemnity Agreement
The order is covered under an existing indemnity agreement involving the Company, Reliance New Energy Limited, Shapoorji Pallonji and Co. Private Limited, and Mr. Khurshed Daruvala. This agreement provides financial protection to Sterling and Wilson Renewable Energy Limited.
Next Steps
The company is currently evaluating the order and determining the future course of action. This includes assessing the implications of the order and considering all available options.
Source: BSE