Reetu | Nov 30, 2023 |
GST Notice of Rs. 1.98 Crore to CEAT Ltd
CEAT Ltd, a tyre manufacturer, announced on Thursday that it has received a demand notice for Rs 1.98 crore for GST, as well as a penalty from the Additional Commissioner, CGST, and Central Excise.
The demand relates to the disallowance of transitional credit and Trans2 credit under the applicable sections of the CGST Act, 2017, the business stated in a regulatory filing.
The order was issued by the Additional Commissioner, CGST and Central Excise, Vadodara-II, and included a demand of Rs. 1.80 crore as well as a penalty of Rs. 18 lakh.
“The company is in the process of analysing the matter and taking appropriate action for an appeal to be filed with the appellate authority,” the firm stated.
“(It is) not ascertainable at this stage,” CEAT stated of the impact on the company’s financial, operational, or other operations that can be quantified in monetary terms.
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